Chevron Names Ourada Corporate VP and Comptroller
Chevron Corporation today named Jeanette L. Ourada as their new corporate vice president and comptroller effective April 1. Ourada succeeds Matthew J. Foehr, who will retire after 33 years with the company. Ourada, 49, will oversee corporate-wide accounting, financial reporting and analysis, and internal controls. She will also lead Finance Shared Services, the organization she has led since July 2013. Since joining Chevron as part of the Unocal acquisition in 2005, Ourada has held a series of leadership roles within the finance organization. Before assuming her current role as the general manager of Finance Shared Services, Ourada served as assistant treasurer, operating company support and intercompany financing.
Hornbeck Offshore New Directors, Promotion of Exec Officer
Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.
Summary Judgment Sought Against Mass. 2009 Oil Spill Law
The American Waterways Operators (AWO), the International Association of Independent Tanker Owners (INTERTANKO), the Chamber of Shipping of America, the International Chamber of Shipping, and the International Group of Protection & Indemnity Clubs filed a Motion for Summary Judgment on Friday, January 28 in U.S. District Court for the District of Massachusetts against a 2009 Massachusetts oil spill law. The plaintiffs also requested that the judge issue a Permanent Injunction to enjoin its enforcement. The Motion charges that the spill law is unconstitutional and undermines marine safety and environmental protection. The state law being challenged compels vessel operators to comply with state – not Federal – requirements for transit through Buzzards Bay.
Northrop - Yslas Corp VP; Coyne Secretary
Northrop Grumman Corporation’s (NYSE: NOC) board of directors has elected Stephen D. Yslas, 61, corporate vice president and general counsel effective Jan. 1, 2009. Yslas succeeds W. Burks Terry who is retiring Dec. 31, 2008. In his new role, Yslas will be responsible for oversight of all of the company's legal matters. He will report to Ronald D. Sugar, the company's chairman and chief executive officer, and become a member of the company's Corporate Policy Council. The board also elected Joseph F.
Captain Victor Goldberg Joins Marine Transport
Captain Victor Y. Goldberg will join Crowley Maritime Corporation’s subsidiary Marine Transport Corporation in Weehawken, N.J., as vice president, ship management effective April 2. He will report to Rockwell Smith, senior vice president and general manager of Marine Transport. Marine Transport is the tanker operating and ship management subsidiary of Crowley and is part of Crowley’s Contract Services segment. As vice president, ship management, Goldberg will manage contract operations, fleet operations, engineering and environmental safety and quality assurance. “We are pleased to welcome Vic to Marine Transport and the Crowley organization,” Smith said.
ARCO Chief Receives $27.6M BP Pay-Off
Mike Bowlin, chief executive of the U.S. oil major Atlantic Richfield Co. will reportedly receive a $27.6 million severance payoff when his company is acquired by BP Amoco Plc.
Supreme Court Rules Federal Law Preempts State Tank Vessel Regulations
A unanimous Supreme Court ruled the state of Washington overstepped its authority in attempting to regulate the operation of tank vessels in state waters. The Court's 9-0 decision in the closely watched case (Intertanko v. Locke, United States v. Locke) reversed the June 1998 decision of the Ninth Circuit Court of Appeals upholding most of the state's "Best Achievable Protection" (BAP) standards for tank vessels. The Court found sufficient evidence to declare four of the Washington regulations unconstitutional and remanded the case so the validity of the others may be assessed by a lower court "in light of the considerable federal interest at stake and in conformity with the principles" set forth in the Supreme Court decision.
NASSCO Delivers BP Oil Tanker
National Steel and Shipbuilding Company, a wholly owned subsidiary of General Dynamics, has delivered the Alaskan Explorer, the second of four Alaska-class double-hull oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. "We had very successful sea trials with the Alaskan Explorer," said Richard Vortmann, NASSCO president. The Alaskan Explorer will join her sister ship, the Alaskan Frontier, which was delivered in August 2004 and is delivering oil from Alaska to West Coast ports, including BP refineries in Los Angeles, Calif., and Cherry Point, Wash. The third ship will be delivered in late 2005 and the fourth ship in 2006. These state-of-the-art ships are the most environmentally friendly oil tankers ever built.
NASSCO Delivers the Double-Hull Oil Tanker
National Steel and Shipbuilding Company delivered the Alaskan Navigator, the third of four Alaska-class double-hull crude oil tankers being built for BP Oil Shipping Company, USA, a subsidiary of BP p.l.c. (ADR: BP). “We are now focused on completion of the fourth ship in the class, which is progressing well in the shipyard as we have ramped up production on both the BP tankers and Navy new construction work,” said Richard Vortmann, NASSCO president. The Alaskan Navigator will join her sister ships, the Alaskan Frontier and the Alaskan Explorer, which were delivered in August 2004 and March 2005, delivering crude oil from Alaska to BP’s refineries in Los Angeles and Cherry Point, Wash. The fourth ship will be delivered in late 2006.
U.S. Shipbuilding 2003: A Congested Attempt to Fund
Meeting national transportation needs during the current decade should involve a surfeit of new contracts for our domestic shipbuilders. The Oil Pollution Act of 1990 (OPA 90) mandates double hulls for all vessels engaged in U.S. petroleum carriage. In our non-contiguous trades, renewal programs are needed for the replacement aging container and RoRo fleets. Moving freight containers and trailers on RoRo barges and vessels, and moving people on passenger and passenger-vehicle high speed ferries, provide the obvious solutions to traffic congestion in the population corridors served by at least two of our Interstate highways. Some of these vessel needs are now immediate because of private sector decisions to postpone projects.
As Gas Prices Fly Ever Higher, Why Do Energy Stocks Stay Grounded?
Energy shares drew little comfort Feb. 4 from rising oil prices lifted first by red hot heating oil, then gasoline soaring to nine-year highs. U.S. light crude for March delivery settled 79 cents higher at $28.82 a barrel on the New York Mercantile Exchange, about $1 away from post Gulf War highs reached in late January. Prompt heat oil barges delivered to the New York Harbor soared to a $1.00 premium to the futures, which closed up 0.88 cent at 78.78 cents gallon. This put the cash wholesale price for a gallon of the fuel over $1.73, their highest ever level. Gasoline futures shot up to a fresh nine-year high of 80.15 cents a gallon amid fears that current tight supplies may even get tighter as the summer driving season looms.
A contract for the construction of a deepwater construction vessel was signed by Bender Shipbuilding & Repair Co., Inc., and Torch, Inc. The Guido Perla & Associates-designed 340 x 85 x 31 ft. M/V Midnight Warrior is a current generation construction vessel, equipped to provide offshore flowline installation, offshore umbilical installation and subsea construction and is capable of worldwide operations. Midnight Warrior is to be ABS-classed, Maltese Cross A1, Maltese Cross AMS, DP-2 Circle E for unlimited international service. The 15,000 hp vessel will be diesel electric, SCR, with three 3,000 hp azimuthing thrusters on the stern and two 2,000 hp tunnel thrusters in the bow. The U.S.
Texaco's Profits Drop; ARCO's Surge
Texaco Inc., the nation's fourth largest oil company, reported that second quarter income dropped 13 percent as low refinery profits abroad were only partially offset by stronger crude oil prices. Texaco, which broke off merger discussions with Chevron Corp., slipped past analysts' expectations with second quarter income of $286 million before special items. In the same period last year, Texaco reported income before special items of $335 million. But Texaco's results were overshadowed by a strong showing from nation's fifth largest oil company, Atlantic Richfield Co. (ARCO), which is being acquired by oil giant BP Amoco Plc. Benefiting from a combination of stronger crude oil and California gasoline prices, ARCO said its second quarter income rose 37 percent from a year ago.
BP-Amoco and ARCO in $26.8 Billion Deal
BP Amoco confirmed, following a successful outcome to talks between the two companies, it has reached agreement to combine with the Atlantic Richfield Company (ARCO) of Los Angeles. The all-share transaction, approved by the boards of both companies, will involve the exchange of 0.82 BP Amoco American Depositary Shares (ADS) for each ARCO share. The deal will substantially boost BP Amoco's reserves and production, giving it the largest oil output of any non-state company, and will consolidate its position in Alaska where the resulting synergies and cost-savings are likely to increase the region's competitiveness and significantly encourage future investment. Elsewhere, onshore the U.S.
Alyeska Head Touts Post-Exxon Valdez Spill Reforms
A decade after the Exxon Valdez disaster, Alyeska Pipeline Service Co., the operator of the trans-Alaska pipeline, has made dramatic reforms in its oil-spill prevention and response programs, according to the head of the company. "We're not the company that we were 10 years ago," Bob Malone, president of Alyeska Pipeline Service Co., told the Anchorage Chamber of Commerce. Alyeska, the operator of the 795 mile pipeline and the Valdez marine terminal where tankers are loaded with crude oil, was criticized for an inadequate and disorganized response to the March 24, 1989 grounding that caused the nation's worst oil spill. But Alyeska has since installed extensive programs to respond to tanker emergencies.
ARCO Shareholders Approve BP Amoco Takeover Bid
Giant oil companies are going to be the sole survivors in an increasingly competitive market, the chairman of Atlantic Richfield told stockholders Aug. 30 as they approved a takeover bid. Shareholders of Los Angeles-based ARCO, the seventh- largest U.S. oil company, agreed to a sale of the company to BP Amoco Plc, in a $29 billion stock swap that creates the largest private-sector oil producer in the world. Chairman and Chief Executive Mike Bowlin told a crowd of more than 400 shareholders, mostly retirees of ARCO, that tighter competition and volatile industry conditions spurred the proposed sale. "Two events in 1998 caused the board to reevaluate the future of the company and that was the consolidation of the market and crude oil prices at their lowest levels in...years," he said.
Newport News Shipbuilding and Avondale Industries to Merge
The boards of directors of Newport News Shipbuilding (NNS) and Avondale Industries have approved a definitive agreement to combine the two companies. The transaction creates a leading, broad-based shipbuilding company with estimated 1999 revenues of $2.6 billion and nearly 24,000 employees. The combined company will be known as Newport News Avondale Industries. "The combination of Newport News and Avondale brings together two highly skilled and tremendously capable shipbuilding companies,'' said William P. Fricks, chairman and CEO of Newport News. Albert L. Bossier, Jr., chairman and CEO of Avondale, said, "This merger is about building a stronger combined company.
Exxon, Mobil Address EU Concerns Regarding Merger
Exxon Corp. and Mobil Corp. have moved to address European Commission concerns about their merger in the natural gas sector in Germany and over an existing European joint venture between Mobil and BP Amoco Plc, a Commission spokesman said. The Commission was also no longer concerned that the $80 billion merger and a rival deal between BP Amoco and Atlantic Richfield would result in excessive consolidation in oil exploration, the spokesman added, paving the way for regulatory approval in the European Union. The news that the Commission has dropped fears the two oil mergers could significantly reduce competition in the upstream sector…
AWO Supports Federal Regulatory Authority
The American Waterways Operators (AWO) officially went on record in the U.S. Supreme Court in support of the preemptive authority of federal statutes and regulations governing vessel operations. AWO is supporting the position of Intertanko and the U.S. in a challenge to a decision by the Ninth Circuit Court on the extent to which the State of Washington can regulate the operation of tank vessels. In a "friend of the court" brief filed with the Supreme Court, AWO asserted the Circuit Court's decision is a threat to the uniformity of federal and international standards vital to interstate transportation and, unless reversed, federal safety rules and regulations could be rendered inconsequential. The AWO brief argues the Ninth Circuit Court fundamentally misinterpreted the U.S.
E&P Spending 2000: A Disappointing Gain?
While the theoretical jury deciding which direction the offshore drilling market will take is still out, recent data suggests that the level of spending internationally will disappoint. Calling a 10.2% gain in spending a disappointment may seem a bit harsh, particularly given the depths to which the market has fallen in the previous two years. But considering the price per barrel has catapulted from the $10 level early in 1999 to the mid-20's by the beginning of 2000, it is fair to say expectations were set a bit higher. According to a recent Lehman Brothers survey, the following are the spending plans - by world region - for more than 320 oil companies. 2000E 1999E Year % Chg. # Co. U.S. U.S. Total U.S.
BP Amoco and Arco Plan Combination
BP Amoco and Atlantic Richfield Co (ARCO) said they intend to take the next formal step towards closing the combination of the two companies. They accordingly propose to re-start the required 20-day notice, suspended on November 2, 1999, to the US Federal Trade Commission (FTC). The FTC has to date expressed concerns about the combination - concerns not shared by the companies. While the companies firmly believe the combination would enlarge, rather than adversely affect, competition, they have offered, but failed to get FTC acceptance for, a range of measures designed to meet the FTC's expressed concerns. BP Amoco and ARCO's proposed $26.8 billion combination was announced on April 1, 1999, with synergies and cost-savings estimated at $1 billion a year.