Anna's Feed
Jan 17, 2013

SandRidge investor asks board to investigate CEO Ward

By Michael Erman and Anna Driver

(Reuters) – An investor in SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz) that has been seeking to replace the company’s board and chief executive is now calling on the board to suspend CEO Tom Ward and probe claims by another big shareholder that Ward and a company run by his son acquired mineral rights and flipped then to SandRidge at a profit.

Mount Kellett Capital, which holds about 4.5 percent in SandRidge, said in a letter to the board of the oil and gas company on Thursday, which it released publicly, that it was reviewing the allegations made by TPG-Axon, a hedge fund that owns 6.7 percent of SandRidge.

Jan 14, 2013

Insight: How SandRidge Energy’s CEO adapted the Chesapeake playbook

By Michael Erman and Anna Driver and Brian Grow

(Reuters) – For 17 years, Tom Ward and Aubrey McClendon teamed up to build Chesapeake Energy Corp into the second-largest natural gas producer in the United States.

The two Oklahoma City energy men were a study in contrasts. CEO McClendon was brash and aggressive; company president Ward came across as steady and soft-spoken.

Jan 14, 2013

How SandRidge Energy’s CEO adapted the Chesapeake playbook

Jan 14 (Reuters) – For 17 years, Tom Ward and Aubrey
McClendon teamed up to build Chesapeake Energy Corp into the
second-largest natural gas producer in the United States.

The two Oklahoma City energy men were a study in contrasts.
CEO McClendon was brash and aggressive; company president Ward
came across as steady and soft-spoken.

Jan 8, 2013

Chesapeake’s McClendon will not receive 2012 bonus

Jan 7 (Reuters) – Chesapeake Energy Corp, the U.S.
oil and gas company battling a governance crisis and financial
strain, said on Monday its chief executive officer, Aubrey
McClendon, will not receive a bonus for 2012.

The board, in a filing to regulators, said it made several
changes to the company’s corporate governance structure and
executive pay. The company said McClendon recommended he not
receive a bonus.

Jan 7, 2013

Chesapeake’s McClendon will not receive 2012 bonus: filing

By Anna Driver

(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz), the U.S. oil and gas company battling a governance crisis and financial strain, said on Monday its chief executive officer, Aubrey McClendon, will not receive a bonus for 2012.

Last year was rough for Chesapeake and McClendon. The company faced both a liquidity crisis brought on by low gas prices and heavy spending and a governance crisis that resulted in shareholders effectively taking control of the board of directors in June.

Dec 19, 2012

SandRidge to sell Permian assets for $2.6 billion

By Anna Driver and Michael Erman

(Reuters) – U.S. oil and gas company SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz), which is facing calls from two top investors to replace its board and chief executive, struck a deal to sell its Permian Basin properties in west Texas to privately held oil and gas company Sheridan Production Partners for $2.6 billion.

Last month, SandRidge had said it was exploring the sale of these assets, an announcement that proved to be unpopular with some shareholders, who felt the company should keep the valuable oil producing acreage.

Dec 13, 2012

Phillips 66 to form MLP, sets 2013 budget at $3.7 billion

By Anna Driver

(Reuters) – U.S. refining company Phillips 66 (PSX.N: Quote, Profile, Research, Stock Buzz) expects 2013 capital spending to rise 6 percent to $3.7 billion and said it intends to contribute some of its oil and gas transportation assets to form a master limited partnership.

Shares of Phillips fell 2.5 percent, following a big run-up in the stock. Since being spun off from ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) in May, shares of the refining company have climbed 57 percent.

Dec 12, 2012

Chesapeake in $2 billion midstream deal

Dec 11 (Reuters) – Chesapeake Energy Corp on Tuesday
agreed to sell most of its remaining natural gas processing and
gathering assets for $2.16 billion as it continues to sell
assets to pay down its heavy debt load.

It sold the so-called midstream assets to Access Midstream
Partners LP, the private equity backed partnership that
bought most of Chesapeake’s other infrastructure assets earlier
this year.

Nov 30, 2012

SandRidge investor seeks board revamp, possible sale

By Anna Driver

(Reuters) – Hedge fund TPG-Axon said on Friday it will solicit support from other shareholders of SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz) to replace the company’s board of directors, citing poor management of the U.S. oil and gas company.

SandRidge Energy has come under fire this month from large shareholders TPG-Axon and Mount Kellett Capital Management who, citing the company’s long-term underperformance, are demanding significant changes including the ouster of SandRidge Chief Executive Tom Ward.

Nov 19, 2012

SandRidge Energy adopts shareholder rights plan

Nov 19 (Reuters) – SandRidge Energy Inc, under fire
from shareholders upset about company performance, said on
Monday its board of directors adopted a shareholder rights plan
that would make it more difficult to take control of the U.S.
oil and gas company.

Two large shareholders, TPG-Axon and Mount Kellett Capital
Management, this month pressed for the ouster of Chief Executive
Tom Ward, citing the company’s dismal stock performance and lax
board oversight. Since its initial public offering in 2007,
SandRidge shares have fallen 78 percent.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
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