ATP CEO receives 2008 Rhodes Petroleum Industry Leadership Award
ATP Oil & Gas Corp.'s chairman and CEO, T. Paul Bulmahn, was honored with the 2008 Rhodes Petroleum Industry Leadership Award by the American Society of Mechanical Engineers - International Petroleum Technology Institute (ASME-IPTI).
The award is the principal award of ASME designed to honor significant contributions to the petroleum industry demonstrated through management and motivational skills, entrepreneurship, innovation, and leadership within corporate and industry circles. ASME is a professional organization focused on technical, educational, and research issues of the engineering and technology community.
Houston-based, the IPTI represents: the ocean, offshore and arctic engineering, the petroleum division, and the pipeline systems division.
Kerogen adds to executive management
Houston-based Kerogen Resources has recently made management additions.
Ronald Harrell recently joined Kerogen Resources Inc. as chairman of the board after retiring from his position as chairman and CEO for Ryder Scott Co. Harrell began his career at Ryder Scott as a reservoir engineer in 1968 and worked his way through various technical and managerial positions. He was named president in 1998 and CEO in 2000.
Michael Reddin was recently named president and CEO. He has 26 years of upstream oil and gas experience. At Vastar Resources Reddin served as onshore US business unit leader, manager of business development, and manager of corporate planning. He graduated from Texas A&M University. Kerogen specializes in unconventional gas shale opportunities.
Flotek appoints Neyman senior VP, CFO
Jesse E. "Jempy" Neyman has been appointed senior vice president and CFO of Flotek Industries. Neyman has served as vice president of business development for Flotek since December 2006.
Before joining Flotek, Neyman held several senior management positions, including CEO of CGAS Inc., an Ohio E&P company, president of Enron Wind and various other Enron subsidiaries.
He holds a bachelor's degree from the United States Air Force Academy, bachelor's of science equivalent in meteorology from the University of Texas for the United States Air Force, a master's degree from the University of Utah in diffusion theory, and an MBA from Southern Illinois University-Edwardsville.
Haynes and Boone's Randy Browne named Landman of the Year
The Houston Association of Professional Landmen (HAPL) has honored Randy Browne of Haynes and Boone LLP as its 2008 Outstanding Landman of the Year.
Browne, who has served the firm in Houston for the last nine years, received the accolade at the 54th Annual HAPL Executive Night Oct. 14 at the Hilton Americas-Houston.
"Our firm is justifiably proud of Randy's well-earned recognition," said Houston energy partner Buddy Clark. "Randy has been a tireless contributor to his industry, and an innovator in building programs that have benefited landmen across the country."
Among his many accomplishments, Browne helped develop an innovative, Web-based format for nationwide delivery of landman educational seminars, which have been broadcast from the Haynes and Boone Houston office for three years.
He has also served as chair of the Education Committee for the American Association of Professional Landmen.
Browne, a past HAPL president, is the senior energy transaction specialist and professional landman in the Haynes and Boone Energy Practice Group resident in the Houston office. He has more 25 years of experience in the energy industry, primarily in the land transactions area of upstream and downstream assets.
He earned his degree from the University of Denver.
Occidental acquires certain PXP assets for $1.25B
Occidental Petroleum Corp. has signed a definitive purchase and sale agreement with Plains Exploration & Production Co. to purchase all of PXP's interests in the Permian Basin of West Texas and New Mexico and Piceance Basin of Colorado for $1.25 billion.
Current production (net to Occidental) from the properties is roughly 4,300 barrels of liquids and 52 MMcfd; for a total of 13,000 boe/d.
The properties have nearly 92 MMboe of proved reserves (net to Occidental); of which roughly 69% are natural gas and 45% are developed.
In the Piceance basin in the first half of 2008, Occidental produced in excess of 50 MMcf/d. Occidental expects this to grow to at least 200 MMcf/d in 2010, including this acquisition. Occidental's net acreage position in the Piceance Basin now totals 129,000 acres.
Chesapeake reduces drilling budget
Chesapeake Energy plans to reduce its drilling capital expenditure (capex) budget during the second half of 2008 through year-end 2010 by approximately $3.2 billion (17%), in response to an approximate 50% decrease in natural gas prices since June 30, 2008 and concerns about the possibility of an emerging US natural gas surplus in advance of increased demand from the US transportation sector.
Of the $3.2 billion reduction, $0.8 billion is attributable to the drilling capex carry associated with the company's recently closed Fayetteville Shale joint venture with BP America, $0.5 billion is attributable to the drilling capex carry anticipated in a Marcellus Shale joint venture, and $1.9 billion is attributable to reduced drilling activity.
The company plans to reduce its current operated drilling rig count of 157 rigs to roughly 140 rigs by year-end 2008 and expects to keep its rig count relatively flat through 2009 and 2010.
In addition, the company will temporarily curtail a portion of its unhedged natural gas production in the Mid-Continent region due to unusually weak wellhead natural gas prices. The company has curtailed nearly 100 MMcf/d of net natural gas production and plans to restore this production once natural gas prices recover.
This curtailment represents nearly 4% of the company's current net natural gas and oil production capacity of over 2.3 bcfe/d (92% natural gas).
Along these lines, the company has reduced its full-year 2008 production growth estimate to 18% from 21% to account for the temporary curtailment, the sale of 45 MMcfe/d of production associated with its Fayetteville Shale joint venture with BP, the anticipated sale of 60 MMcfe/d of production in the 2008 fourth quarter associated with the company's fourth volumetric production payment (VPP) and shut-ins in the 2008 third quarter of onshore production associated with natural gas processing plant limitations as a result of damage by Hurricane Ike.
Additionally, as a result of reduced drilling activity levels announced today, the company has lowered its anticipated production growth forecasts in 2009 and 2010 to 16% per year from 19% per year.
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