ROUND ROCK (Reuters) – Dell Inc postponed a crucial vote on CEO Michael Dell’s$24.4 billion buyout offer to July 24, buying time to solicit more proxy votes and drum up more support despite winning over several large swing shareholders at the eleventh hour.
The company co-founder and partner Silver Lake fell short of the votes needed to push through the largest buyout since the financial crisis, even though Vanguard and BlackRock Inc are now on board with the proposal, a source familiar with the matter told Reuters on Thursday.
HOUSTON, June 28 (Reuters) – In the remote Eagle Ford shale
fields of South Texas, drillers racing to pump crude from new
wells are finding themselves in a most unexpected line of work:
the utility business.
Struggling to tap into a regional electricity grid built for
small towns and vast cattle ranches, companies including
Marathon Oil Corp are saving time by installing new
power lines themselves. Despite the heavy initial outlays, the
new lines will reduce power costs at some of the 5,000 wells
drilled across the region.
HOUSTON (Reuters) – Former Enron Corp Chief Executive Jeffrey Skilling’s near decade-long quest to prove he did nothing wrong at the once high-flying energy-trading behemoth ended on Friday when a federal judge shaved 10 years off of his prison sentence.
U.S. District Judge Simeon Lake reduced his term to 14 years from 24 years, accepting a deal struck between prosecutors and Skilling’s lawyers that will end years of appeals.
June 19 (Reuters) – SandRidge Energy Inc’s board of
directors removed the energy company’s founder and chief
executive, Tom Ward, on Wednesday, after a months-long struggle
with activist investors who accused him of strategic mistakes
and self-dealing at the expense of shareholders.
The board named its president, James Bennett, to replace
Ward as CEO, citing a need for new leadership. Jeffrey Serota, a
private equity executive at Ares Management, has been named
interim nonexecutive chairman of the company.
(Reuters) – Duke Energy Corp (DUK.N: Quote, Profile, Research, Stock Buzz) has turned to an insider, Chief Financial Officer Lynn Good, to take over as chief executive when Jim Rogers steps down as part of a regulatory settlement linked to its $18 billion takeover of Progress Energy.
Good, 54, a veteran of the U.S. utility industry who is well known on Wall Street, was viewed by analysts as a leading contender for the job. Having served as CFO since July 2009, she is considered a strong manager with the experience to lead the large, complex company like Duke, the No.1 U.S. power producer.
HOUSTON/NEW YORK (Reuters) – Devon Energy Corp’s (DVN.N: Quote, Profile, Research, Stock Buzz) latest bid to revive interest in its stock may take a page out of the activist investors’ playbook, but Wall Street continues to look elsewhere for returns in the energy patch.
The Oklahoma City-based company said on Thursday it would transfer some assets into a publicly traded master limited partnership. The move, the latest in a four-year long effort to transform the company, was greeted by a yawn from investors who sent Devon shares lower on a day the overall market went up. That reaction symbolizes the rough ride the stock has taken in the past few years.
HOUSTON/NEW YORK, June 6 (Reuters) – Devon Energy Corp’s
latest bid to revive interest in its stock may take a
page out of the activist investors’ playbook, but Wall Street
continues to look elsewhere for returns in the energy patch.
The Oklahoma City-based company said on Thursday it would
transfer some assets into a publicly traded master limited
partnership. The move, the latest in a four-year long effort to
transform the company, was greeted by a yawn from investors who
sent Devon shares lower on a day the overall market went up.
That reaction symbolizes the rough ride the stock has taken in
the past few years.
DALLAS, May 29 (Reuters) – Fewer shareholders of Exxon Mobil
Corp on Wednesday cast votes in favor of the oil
company’s executive compensation following a year when Chief
Executive Officer Rex Tillerson’s total pay climbed 15 percent
to about $40 million.
Proxy advisory firm ISS had recommended that shareholders
withhold support for CEO Tillerson’s compensation, citing
Exxon’s “modest” shareholder returns and the company’s reliance
on awards that have less emphasis on performance.
May 20 (Reuters) – Chesapeake Energy Corp on Monday
named a top executive at rival Anadarko Petroleum Corp
to head the No. 2 U.S. natural gas producer, which has suffered
a governance crisis and liquidity crunch over the last year.
Chesapeake hired Robert Douglas Lawler, senior vice
president of international and deepwater operations at Anadarko,
to fill the post vacated by co-founder Aubrey McClendon in
(Reuters) – Hedge fund TPG-Axon Capital has won nearly half the seats on SandRidge Energy Corp’s board but faces an uphill battle to reverse the oil and gas company’s slumping stock price.
SandRidge shares have tumbled 20 percent this year to around $5 on disappointing forecasts for its wells in Oklahoma and Kansas, as well as investor uncertainty over its strategic direction.