Transocean Chairman to Leave

Days before a fierce proxy fight between investor Carl Icahn and Transocean Ltd. comes to a head, the chairman and former chief executive of the offshore oil-and-gas driller said he would step down in the next year.

Michael Talbert, 66 years old, whose re-election has been opposed by Mr. Icahn, said in a press release late Sunday that if he wins re-election at this Friday's shareholder meeting in Zug, Switzerland, he will give up his chairmanship by November and step down from the board by this time next year.

"After consultations with our shareholders, I have decided to retire from the board on a timetable that will allow the board to carefully select a new chairman who will help guide the company in the creation of sustainable, superior value for all shareholders," Mr. Talbert said. He left the CEO post in 2002.

The move is meant to ensure that three new directors Mr. Icahn nominated for the board don't get elected, according to a person familiar with the matter, and mirrors steps taken by a number of other energy companies recently as activists have pressed them to focus on shareholder returns.

On Friday, Hess Corp.'s CEO, John Hess, said he would relinquish the chairman role in response to investor pressure.

A week earlier, Occidental Petroleum Corp. Executive Chairman Ray Irani was soundly denied re-election by shareholders and was replaced by an independent chairman. Chesapeake Energy Corp. last year replaced a majority of its board with directors recommended by major shareholders including Mr. Icahn; founder Aubrey McClendon stepped down as chairman last year and resigned as CEO in April.

In an open letter to shareholders Monday, Mr. Icahn said he stood by his recommendation that shareholders vote against Mr. Talbert and two other long-time board members.

"We find it to be utterly absurd that a Chairman facing the prospect of losing his directorship would be so brazen as to ask shareholders to return him as Chairman so that he and the board can then pick his successor," Mr. Icahn said.

The activist investor has been particularly critical of the company's $18 billion acquisition of rival GlobalSantaFe Corp. in 2007, a deal that he says was too expensive for the decades-old drilling rigs it got in the deal. He has also urged shareholders to approve a $4 per share dividend.

Steve Newman, the chief executive of Transocean, said the company wants to reinstate the dividend--which was eliminated last year--at $2.24 a share annually, down from $3.16 before the suspension. This will allow the company to keep enough cash to invest in its fleet of drillships and drilling platforms, manage the cyclicality of the oil-and-gas business and still leave room for even larger future payouts, Mr. Newman said.

"There's no question the company has underperformed," Mr. Newman said. "But Mr. Icahn's approach to closing that valuation gap would liquidate the company."

Investors favored the GlobalSantaFe acquisition in 2007, and it ultimately did give Transocean a greater global reach, said Angie Sedita, an analyst with UBS. But the deal wasn't followed by the kind of cost cutting and integration usually needed for such large transactions, she said.

More recently, Transocean has struggled because of the fallout of the Deepwater Horizon disaster in 2010. The company owned the drilling rig leased by BP PLC that exploded in the Gulf of Mexico, killing 11 workers and unleashing the worst offshore oil spill in U.S. history. Early this year, Transocean settled all civil and criminal claims with the Justice Department for $1.4 billion.

Mr. Newman said that settlement, as well as last year's move to sell less-profitable shallow-water drilling rigs and focus on more lucrative deep-water operations, are benefiting shareholders. First-quarter 2013 earnings were $321 million, up from $10 million last year but slightly below analysts' expectations because of higher operating costs.

The company's shares are up more than 22% so far this year, closing Friday at $54.64. But they are down from the peak reached in February, a month after Mr. Icahn first revealed his growing stake in Transocean and shortly before he revealed his demands for the larger dividend and to replace three board members, including Mr. Talbert.

The two largest investor advisory firms, Institutional Shareholder Services and Glass, Lewis & Co., both recommended that shareholders vote against Mr. Icahn's larger dividend.

But both largely agree with Mr. Icahn that the company has long underperformed its peers because of operational shortcomings. Both recommend replacing Mr. Talbert, the chairman.

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Hess CEO to Step Down As Board Chairman

Hess Corp. said Chief Executive John Hess will step down as board chairman, a move to address criticism of its board days before shareholders choose five new directors from rival slates backed by the company and a dissident investor.

The New York-based energy company said John Krenicki, former vice chairman of General Electric Co. (GE) and one of its nominees to the board, will serve as non-executive chairman if all five of Hess's nominees are elected.

If shareholders elect one or more directors backed by hedge fund Elliott Management Corp., the new board would pick an independent chairman. The election will take place at the company's annual meeting in Houston on May 16.

Mr. Hess, 58, would remain CEO and a director on the 14-member board and supports the move, the company said. Since 1978, he has served as a director of the company his father founded in 1933.

The move is a reversal for Hess, which had until now opposed a shareholder proposal to separate the roles of chairman and CEO.

A spokesman for Elliott said stripping Mr. Hess of the chairman role "is a reaction to the shareholder vote currently underway."

John Mullin, currently Hess's lead independent director, said the company has heard from shareholders who want the board to exercise more oversight of its executives.

"Our corporate governance structure should have been improved sooner," Mr. Mullin said in a statement.

Fadel Gheit, an energy analyst at Oppenheimer & Co., said the company has taken shareholder criticism seriously and views splitting the chairman and CEO roles as a positive step.

"Basically, we're close to the finish line and they want to do whatever it takes" to get their nominees elected, he said of Hess.

Elliott, a hedge fund that owns about 4.52% of Hess' shares, argues the board sat by while management pursued costly and ineffective strategies that have eroded the company's value. Hess retorts it is on track to transform itself into a more profitable company focused exclusively on exploring for and producing oil and gas.

Hess has criticized Elliott's agreement to pay its successful nominees a bonus in addition to their board fees. The hedge fund has contracted to pay them $30,000 for every percentage point Hess stock outperforms a group of peers over three years, which Hess says compromises the independence of directors and rewards a strategy to boost its stock in the short term.

Elliott's nominees deny the arrangement would affect their independence. Elliott has defended the compensation plan as key to reversing Hess's weak stock performance.

Proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended shareholders vote in favor of Elliott's nominees, while Egan-Jones has backed Hess's director candidates. In the wake of Friday's announcement, ISS is considering whether to alter its recommendations, according to a person familiar with the situation.

Anna Prior contributed to this report

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Transocean Chairman to Leave

Days before a fierce proxy fight between investor Carl Icahn and Transocean Ltd. comes to a head, the chairman and former chief executive of the offshore oil-and-gas driller said he would step down in the next year.

Michael Talbert, 66 years old, whose re-election has been opposed by Mr. Icahn, said in a press release late Sunday that if he wins re-election at this Friday's shareholder meeting in Zug, Switzerland, he will give up his chairmanship by November and step down from the board by this time next year.

"After consultations with our shareholders, I have decided to retire from the board on a timetable that will allow the board to carefully select a new chairman who will help guide the company in the creation of sustainable, superior value for all shareholders," Mr. Talbert said. He left the CEO post in 2002.

The move is meant to ensure that three new directors Mr. Icahn nominated for the board don't get elected, according to a person familiar with the matter, and mirrors steps taken by a number of other energy companies recently as activists have pressed them to focus on shareholder returns.

On Friday, Hess Corp.'s CEO, John Hess, said he would relinquish the chairman role in response to investor pressure.

A week earlier, Occidental Petroleum Corp. Executive Chairman Ray Irani was soundly denied re-election by shareholders and was replaced by an independent chairman. Chesapeake Energy Corp. last year replaced a majority of its board with directors recommended by major shareholders including Mr. Icahn; founder Aubrey McClendon stepped down as chairman last year and resigned as CEO in April.

In an open letter to shareholders Monday, Mr. Icahn said he stood by his recommendation that shareholders vote against Mr. Talbert and two other long-time board members.

"We find it to be utterly absurd that a Chairman facing the prospect of losing his directorship would be so brazen as to ask shareholders to return him as Chairman so that he and the board can then pick his successor," Mr. Icahn said.

The activist investor has been particularly critical of the company's $18 billion acquisition of rival GlobalSantaFe Corp. in 2007, a deal that he says was too expensive for the decades-old drilling rigs it got in the deal. He has also urged shareholders to approve a $4 per share dividend.

Steve Newman, the chief executive of Transocean, said the company wants to reinstate the dividend--which was eliminated last year--at $2.24 a share annually, down from $3.16 before the suspension. This will allow the company to keep enough cash to invest in its fleet of drillships and drilling platforms, manage the cyclicality of the oil-and-gas business and still leave room for even larger future payouts, Mr. Newman said.

"There's no question the company has underperformed," Mr. Newman said. "But Mr. Icahn's approach to closing that valuation gap would liquidate the company."

Investors favored the GlobalSantaFe acquisition in 2007, and it ultimately did give Transocean a greater global reach, said Angie Sedita, an analyst with UBS. But the deal wasn't followed by the kind of cost cutting and integration usually needed for such large transactions, she said.

More recently, Transocean has struggled because of the fallout of the Deepwater Horizon disaster in 2010. The company owned the drilling rig leased by BP PLC that exploded in the Gulf of Mexico, killing 11 workers and unleashing the worst offshore oil spill in U.S. history. Early this year, Transocean settled all civil and criminal claims with the Justice Department for $1.4 billion.

Mr. Newman said that settlement, as well as last year's move to sell less-profitable shallow-water drilling rigs and focus on more lucrative deep-water operations, are benefiting shareholders. First-quarter 2013 earnings were $321 million, up from $10 million last year but slightly below analysts' expectations because of higher operating costs.

The company's shares are up more than 22% so far this year, closing Friday at $54.64. But they are down from the peak reached in February, a month after Mr. Icahn first revealed his growing stake in Transocean and shortly before he revealed his demands for the larger dividend and to replace three board members, including Mr. Talbert.

The two largest investor advisory firms, Institutional Shareholder Services and Glass, Lewis & Co., both recommended that shareholders vote against Mr. Icahn's larger dividend.

But both largely agree with Mr. Icahn that the company has long underperformed its peers because of operational shortcomings. Both recommend replacing Mr. Talbert, the chairman.

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Executive Chairman Irani Leaving Occidental Petroleum

The rising wave of shareholder activism has claimed another corporate chieftain: Ray Irani, the executive chairman of Occidental Petroleum Corp. (OXY) and one of the most highly paid executives of the last decade.

Mr. Irani, who spent three decades at Occidental, will leave his post at the helm of the board, the company said in a statement released after its shareholder meeting Friday. The 78-year-old, who was forced to step aside as CEO two years ago over his outsized pay, recently angered shareholders by trying to oust the oil-and-gas company's current chief executive.

Occidental said in a regulatory filing Friday that eight of the 10 board members up for re-election won the approval of a majority of shareholders. The list didn't include Mr. Irani. The filing said that independent director Aziz Syriani, who was close to the chairman and also sought re-election, had resigned on Thursday.

In a follow-up statement, Occidental said one of the re-elected board members, Edward Djerejian, would assume the role of independent chairman. He is a former U.S. ambassador to Syria and Israel. Former Energy Secretary Spencer Abraham will become vice chairman, the company said.

Under Mr. Irani's leadership, Los Angeles-based Occidental grew into the fourth-largest U.S. oil-and-gas company by market value. As executive chairman, he retained considerable clout within the company. But it all came to an end after weeks of growing shareholder discontent over Mr. Irani's effort to remove CEO Steve Chazen earlier this year and the board's handling of succession planning for the CEO post.

Mr. Irani's defeat "is a pretty amazing thing. It happens very rarely, particularly for a company of this size and reputation," said Charles Elson, head of the Weinberg Center for Corporate Governance at University of Delaware's business school.

"It shows how far shareholder activism has come," added Mr. Elson, who is a board member at HealthSouth Corp. "The day of the management-dominated corporation may be on its way out, replaced by a much more balanced approach" that also reflects investor views, he said.

Mr. Irani's ouster comes in the wake of several successful coups led by activist shareholders and backed by investment advisory firms. A long-simmering rebellion at Chesapeake Energy Corp. (CHK) led to the departure in April of co-founder and longtime CEO Aubrey McClendon, and dissident investors shook up SandRidge Energy Inc.'s board in March.

At Occidental's Friday meeting in the Los Angeles area, Mr. Chazen, the CEO, spent several minutes eulogizing Mr. Irani as a photo of the two men together was projected on the screen, said shareholder John Chevedden, who attended the meeting.

"He talked about [Irani's] knowledge of global politics, how they'd have disagreements but the next day call each other to say the other was right," Mr. Chevedden said.

Now Mr. Chazen, who is slated to retire in late 2014, has the freedom to continue to pursue cost-cutting measures and perhaps a restructuring of the business, such as selling off assets, said Guy Baber, vice president of equity research at Houston-based investment bank Simmons & Co.

"His departure signifies the end an era for Oxy," Mr. Baber said.

Mr. Irani joined Occidental in 1983 as chairman and CEO of its chemicals business. He took on those roles for the entire company in 1990, succeeding legendary Occidental founder and philanthropist Armand Hammer upon his death.

Mr. Irani has long been among the highest paid executives. He realized more than $1.1 billion in compensation from Occidental since 1994, according to calculations by The Wall Street Journal and Kevin Murphy of the University of Southern California. The total includes salaries, bonuses, perks and realized gains on both restricted stock and stock options. A 2010 analysis by the Journal and Mr. Murphy found that Mr. Irani was the third-highest paid CEO of the prior decade.

He was scheduled to the retire at the end of 2014, a departure imposed on him two years ago when investors unhappy with his oversized compensation forced him from the CEO post and replaced him with longtime heir-apparent Mr. Chazen.

The latest developments at Occidental don't ensure Mr. Chazen smooth sailing, however. "This is not a vote of confidence in Chazen," Mr. Elson suggested. But the CEO does get "some breathing room to attempt to improve his relationships with his investors," said Mr. Elson, adding that "you're going to see some rather significant changes in management" as Mr. Chazen tries "to find common ground with investors."

The company's performance has lagged under Mr. Chazen's leadership as efforts to increase oil and gas production ran into problems with cost overruns. Despite those challenges, a Feb. 14 announcement by the company that it would begin searching for a new CEO struck many analysts and investors as unexpected and unnecessary.

In March, The Wall Street Journal reported that the surprise announcement was preceded by Mr. Irani's trying to replace Mr. Chazen with a former company executive. Two Occidental investors, First Pacific Advisors LLC and Matrix Asset Advisors Inc., then said in open letters that they were troubled by the report and supported keeping Mr. Chazen.

Advisory firms Institutional Shareholder Services and Glass, Lewis & Co. recommended votes against Mr. Irani and against the company's pay plans ahead of the shareholder meeting.

That prompted the Occidental board to make a highly unusual move earlier this week, saying that Mr. Chazen would stay on through 2014, that CEO and board pay would be cut and that former company CEOs would be prohibited from serving as chairman. At the same time, the company said Mr. Irani would be replaced by an independent board member sometime in the future.

It is rare for chairmen to lose their jobs. Hewlett-Packard Co. Chairman Ray Lane was narrowly re-elected earlier this year with 58.9% of the vote, but he chose to give up the title, though not his board seat, soon after. In 2009, Bank of America Corp. Chairman and CEO Ken Lewis was effectively voted out of the chairmanship when investors voted to separate the two roles. He stepped down as CEO later that year.

Mr. Irani will remain a large shareholder at Occidental. He currently holds about 8.1 million shares worth $639 million, more than 1% of the shares outstanding of the company, putting him in the top 15 of shareholders. That stake could grow depending on what kind of a parting package he receives.

According to the company's most recent proxy statement, if Mr. Irani had retired from the company at the end of last year he could have received a package worth more than $20 million. This includes more than $15 million in company shares tied to his long-term incentive pay package, $5.7 million in life insurance coverage, ongoing medical and dental coverage for his wife and him, about $2.2 million annually to cover security services, tax preparation and financial planning services, club dues and travel benefits, and $800,000 for unused vacation time.

--Scott Thurm contributed to this article.

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Executive Chairman Irani Leaving Occidental Petroleum

The rising wave of shareholder activism has claimed another corporate chieftain: Ray Irani, the executive chairman of Occidental Petroleum Corp. (OXY) and one of the most highly paid executives of the last decade.

Mr. Irani, who spent three decades at Occidental, will leave his post at the helm of the board, the company said in a statement released after its shareholder meeting Friday. The 78-year-old, who was forced to step aside as CEO two years ago over his outsized pay, recently angered shareholders by trying to oust the oil-and-gas company's current chief executive.

Occidental said in a regulatory filing Friday that eight of the 10 board members up for re-election won the approval of a majority of shareholders. The list didn't include Mr. Irani. The filing said that independent director Aziz Syriani, who was close to the chairman and also sought re-election, had resigned on Thursday.

In a follow-up statement, Occidental said one of the re-elected board members, Edward Djerejian, would assume the role of independent chairman. He is a former U.S. ambassador to Syria and Israel. Former Energy Secretary Spencer Abraham will become vice chairman, the company said.

Under Mr. Irani's leadership, Los Angeles-based Occidental grew into the fourth-largest U.S. oil-and-gas company by market value. As executive chairman, he retained considerable clout within the company. But it all came to an end after weeks of growing shareholder discontent over Mr. Irani's effort to remove CEO Steve Chazen earlier this year and the board's handling of succession planning for the CEO post.

Mr. Irani's defeat "is a pretty amazing thing. It happens very rarely, particularly for a company of this size and reputation," said Charles Elson, head of the Weinberg Center for Corporate Governance at University of Delaware's business school.

"It shows how far shareholder activism has come," added Mr. Elson, who is a board member at HealthSouth Corp. "The day of the management-dominated corporation may be on its way out, replaced by a much more balanced approach" that also reflects investor views, he said.

Mr. Irani's ouster comes in the wake of several successful coups led by activist shareholders and backed by investment advisory firms. A long-simmering rebellion at Chesapeake Energy Corp. (CHK) led to the departure in April of co-founder and longtime CEO Aubrey McClendon, and dissident investors shook up SandRidge Energy Inc.'s board in March.

At Occidental's Friday meeting in the Los Angeles area, Mr. Chazen, the CEO, spent several minutes eulogizing Mr. Irani as a photo of the two men together was projected on the screen, said shareholder John Chevedden, who attended the meeting.

"He talked about [Irani's] knowledge of global politics, how they'd have disagreements but the next day call each other to say the other was right," Mr. Chevedden said.

Now Mr. Chazen, who is slated to retire in late 2014, has the freedom to continue to pursue cost-cutting measures and perhaps a restructuring of the business, such as selling off assets, said Guy Baber, vice president of equity research at Houston-based investment bank Simmons & Co.

"His departure signifies the end an era for Oxy," Mr. Baber said.

Mr. Irani joined Occidental in 1983 as chairman and CEO of its chemicals business. He took on those roles for the entire company in 1990, succeeding legendary Occidental founder and philanthropist Armand Hammer upon his death.

Mr. Irani has long been among the highest paid executives. He realized more than $1.1 billion in compensation from Occidental since 1994, according to calculations by The Wall Street Journal and Kevin Murphy of the University of Southern California. The total includes salaries, bonuses, perks and realized gains on both restricted stock and stock options. A 2010 analysis by the Journal and Mr. Murphy found that Mr. Irani was the third-highest paid CEO of the prior decade.

He was scheduled to the retire at the end of 2014, a departure imposed on him two years ago when investors unhappy with his oversized compensation forced him from the CEO post and replaced him with longtime heir-apparent Mr. Chazen.

The latest developments at Occidental don't ensure Mr. Chazen smooth sailing, however. "This is not a vote of confidence in Chazen," Mr. Elson suggested. But the CEO does get "some breathing room to attempt to improve his relationships with his investors," said Mr. Elson, adding that "you're going to see some rather significant changes in management" as Mr. Chazen tries "to find common ground with investors."

The company's performance has lagged under Mr. Chazen's leadership as efforts to increase oil and gas production ran into problems with cost overruns. Despite those challenges, a Feb. 14 announcement by the company that it would begin searching for a new CEO struck many analysts and investors as unexpected and unnecessary.

In March, The Wall Street Journal reported that the surprise announcement was preceded by Mr. Irani's trying to replace Mr. Chazen with a former company executive. Two Occidental investors, First Pacific Advisors LLC and Matrix Asset Advisors Inc., then said in open letters that they were troubled by the report and supported keeping Mr. Chazen.

Advisory firms Institutional Shareholder Services and Glass, Lewis & Co. recommended votes against Mr. Irani and against the company's pay plans ahead of the shareholder meeting.

That prompted the Occidental board to make a highly unusual move earlier this week, saying that Mr. Chazen would stay on through 2014, that CEO and board pay would be cut and that former company CEOs would be prohibited from serving as chairman. At the same time, the company said Mr. Irani would be replaced by an independent board member sometime in the future.

It is rare for chairmen to lose their jobs. Hewlett-Packard Co. Chairman Ray Lane was narrowly re-elected earlier this year with 58.9% of the vote, but he chose to give up the title, though not his board seat, soon after. In 2009, Bank of America Corp. Chairman and CEO Ken Lewis was effectively voted out of the chairmanship when investors voted to separate the two roles. He stepped down as CEO later that year.

Mr. Irani will remain a large shareholder at Occidental. He currently holds about 8.1 million shares worth $639 million, more than 1% of the shares outstanding of the company, putting him in the top 15 of shareholders. That stake could grow depending on what kind of a parting package he receives.

According to the company's most recent proxy statement, if Mr. Irani had retired from the company at the end of last year he could have received a package worth more than $20 million. This includes more than $15 million in company shares tied to his long-term incentive pay package, $5.7 million in life insurance coverage, ongoing medical and dental coverage for his wife and him, about $2.2 million annually to cover security services, tax preparation and financial planning services, club dues and travel benefits, and $800,000 for unused vacation time.

--Scott Thurm contributed to this article.

Copyright (c) 2013 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Matra Appoints New Chairman

Russia-focused junior Matra Petroleum announced Friday that it has appointed Bill Guest as its new non-executive chairman.

Matra said that Guest has more than 37 years of experience in the upstream oil and gas industry, having trained as a geologist and petroleum engineer. He has been a non-executive director of Matra since 2010 and also sits on the boards of Sacoil Holdings and British European Energy.

Matra Chief Executive Maxim Barskiy commented in a statement:

"We are fortunate to be able to call upon the experience of Bill Guest as chairman of Matra. As a non-executive director of the company his knowledge and understanding is held in the highest regard. His leadership will be invaluable as we continue to work diligently to execute the company's stated strategy."

Matra's previous chairman, Sire Michael Jenkins, died at the start of April.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

PetroChina Chairman to Take SASAC Top Job

HONG KONG - Jiang Jiemin is to take the top position at the state-owned Asset Supervision and Administration Commission, PetroChina Co. said on Monday.

Mr. Jiang was chairman of China National Petroleum Corp. and PetroChina.

His new appointment will be announced soon, Mao Zefeng, a spokesman for PetroChina, told the Wall Street Journal. Vice Chairman Zhou Jiping will become the interim chairman of China National Petroleum Corp. and PetroChina.

A SASAC news department official declined to comment.

Previous SASAC director Wang Yong was promoted to the State Council, or cabinet, on Saturday. Changes typically occur every few years at China's state-owned companies as the communist party reassigns top officials.

Mr. Jiang was appointed chairman of listed unit PetroChina in 2007 and has been chairman of CNPC since 2011.

PetroChina accelerated the development of its natural-gas business and acquired overseas oil-and-gas assets to increase its hydrocarbon reserves.

SASAC is in charge of regulating, reforming and restructuring China's state-owned enterprises and assets.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Anadarko Executive Chairman James Hackett to Attend Harvard Divinity School

James Hackett, executive chairman and former chief executive of Anadarko Petroleum Corp. (APC), plans to attend Harvard Divinity School later this year.

Last year, he handed over the CEO role to President Al Walker. Mr. Hackett will hold the title of executive chairman until May.

Mr. Hackett, 59, is credited by analysts with turning Anadarko into one of the best-performing independent oil-and-gas producers during his eight-year tenure as CEO, with stakes in a number of attractive onshore and offshore oil-and-gas fields around the world.

"Jim Hackett will be attending Harvard Divinity School to become better prepared to write, speak and teach about faith and leadership, which has been a long-held interest of Jim's and one of the key reasons he is retiring from Anadarko," Anadarko spokesman John Christiansen said.

The Anadarko executive chairman declined an interview through a spokesman.

Mr. Hackett and his wife, Maureen O'Gara Hackett, have been long-time supporters of The University of St. Thomas, a Catholic liberal-arts university in Houston, as well as a number of other institutions.

"He was at the helm during the company's transformation from one that had a history of falling short of production targets to one with a reputation for being one of the stronger explorers in the industry," said Phil Weiss, an analyst with Argus Research Co.

Mr. Hackett was formerly the chief operating officer of Devon Energy Corp. (DVN) following its merger with Ocean Energy, where he served as chairman, president and CEO. He has also worked at Duke Energy Corp. (DUK), NGC Corp., Burlington Resources and Amoco Oil Co.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Anadarko Executive Chairman James Hackett to Attend Harvard Divinity School

James Hackett, executive chairman and former chief executive of Anadarko Petroleum Corp. (APC), plans to attend Harvard Divinity School later this year.

Last year, he handed over the CEO role to President Al Walker. Mr. Hackett will hold the title of executive chairman until June.

Mr. Hackett, 59, is credited by analysts with turning Anadarko into one of the best-performing independent oil-and-gas producers during his eight-year tenure as CEO, with stakes in a number of attractive onshore and offshore oil-and-gas fields around the world.

"Jim Hackett will be attending Harvard Divinity School to become better prepared to write, speak and teach about faith and leadership, which has been a long-held interest of Jim's and one of the key reasons he is retiring from Anadarko," Anadarko spokesman John Christiansen said.

The Anadarko executive chairman declined an interview through a spokesman.

Mr. Hackett and his wife, Maureen O'Gara Hackett, have been long-time supporters of The University of St. Thomas, a Catholic liberal-arts university in Houston, as well as a number of other institutions.

"He was at the helm during the company's transformation from one that had a history of falling short of production targets to one with a reputation for being one of the stronger explorers in the industry," said Phil Weiss, an analyst with Argus Research Co.

Mr. Hackett was formerly the president and CEO of Devon Energy Corp. (DVN) following its merger with Ocean Energy, where he served as chairman, president and CEO. He has also worked at Duke Energy Corp. (DUK), NGC Corp., Burlington Resources and Amoco Oil Co.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

BP Names New BP America Chairman, President

John Mingé has been appointed chairman and president of BP America, Inc. and will serve as BP’s chief representative in the United States. He will succeed Lamar McKay, who has been appointed to head BP’s Upstream business.

"John Mingé has done a superb job in Alaska, where he has led the way in enhancing safety and making BP Alaska a stronger business,” McKay said. "His background prepares him well for the challenges of representing BP in the U.S., which is home to our largest and most diverse portfolio of businesses anywhere in the world."

Mingé has led BP Alaska since January 2009, where he is responsible for BP's oil and gas exploration, development and production activities in Alaska, as well as its interests in the Trans-Alaska oil pipeline.

Under his leadership, BP Alaska successfully tested innovative enhanced oil recovery technologies, such as Bright Water and LoSal, which are now used by BP around the globe. In 2012, BP Alaska achieved the lowest recordable incident rate in its history, with a 50 percent reduction from 2009.

During his nearly 30 year career with BP, Mingé has held a variety of executive and engineering posts around the globe. These include assignments as president of BP Indonesia, head of BP’s Asia Pacific Unit, and president of exploration and production for Vietnam and China.

He started his BP career in the Gulf of Mexico as a drilling engineer and he holds a Bachelor of Science degree in mechanical engineering from Washington State University.

Mingé will take on his new role on Feb. 15, 2013 and will be based in Houston, where BP business units are involved in oil and gas exploration and production, refining, chemicals, supply and trading, pipeline operations, shipping, and alternative energy.

The U.S. is home to the largest concentration of BP employees in the world, more than 23,000, and its business activities support an estimated 210,000 more American jobs. BP’s capital investments in the U.S. over the past five years exceed $52 billion, more than any other company and more than BP invests in any other country.

BP also named Minge's successor, Janet Weiss, as Regional President of BP Alaska, effective Feb. 15.

"BP’s history in Alaska stretches back more than five decades and it is one of the largest and most important businesses in BP’s global portfolio," Mingé said. "Having spent 18 of her 27 years in the industry in Alaska, I am confident that Janet Weiss’ background and experience are what BP Alaska needs to continue thriving as a major global energy producer."

Weiss serves currently in Alaska as Regional Vice President, Resources, accountable for resource progression and subsurface activities, as well as for IT. In her new role, she will be responsible for BP's oil and gas exploration, development and production activities in Alaska, as well as its interests in the Trans-Alaska oil pipeline. She will continue to be based in Anchorage. Ms. Weiss has held engineering and executive posts in both Alaska and in the Lower 48.

Beginning her career in Alaska in 1986, she has worked there as a process engineer, reservoir engineer, petroleum engineer, and reservoir engineering advisor. Her executive appointments include VP of Special Projects for BP Exploration & Production and VP for Unconventional Gas Technology. She has also led BP’s Western Wyoming businesses and Base Operations for the Gulf of Mexico Shelf.

Weiss holds a Bachelor of Science degree in Chemical Engineering from Oklahoma State University. "BP Alaska is home to some of the most capable people in the industry and I am honored to be asked to lead them," Weiss said. "I’ve seen first-hand what they can achieve in even the most challenging of environments."

BP is one of Alaska’s leading investors, taxpayers and employers, with more than 2,200 employees and over 6,000 contractors. The company operates four fields on the North Slope, including Greater Prudhoe Bay, which together account for about two-thirds of the state’s oil production.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Anton Oilfield Appoints Non-Executive Director, Chairman of QHSE

Anton Oilfield Services Group, the leading independent oilfield services provider in China, announced the appointment of Jean Francois Poupeau as a non-executive director of the Group, effective Jan. 21, 2013.

With over 27 years of in-depth experience in oilfield services, Poupeau currently holds the position of Executive Vice President at Schlumberger, where he has taken various management positions. Schlumberger is a minority shareholder of the Group and holds approximately 19.8 percent of the issued share capital of the Group as of the date of this release.

The Group is committed to the highest standards of corporate governance aimed at enhancing shareholders' value. The board has appointed Poupeau as chairman of the newly established QHSE Committee of the board tasked with providing guidance and advice on the quality, health, safety and environment strategies of the Group to ensure that the quality of the Group's services meets the international standards. As a non-executive director, Poupeau will not be involved in the daily operations of the Group. The board believes that Poupeau's rich industry and management experience will help bring the world's leading standards in corporate governance and QHSE to the Group.

Commenting on his appointment, Poupeau said: "I am glad to join the board of directors of Anton Oilfield as a non-executive director of this oilfield services provider with vast growth potential in China. I look forward to working with the board and assist Anton Oilfield's management in business operations in support of Anton Oilfield's existing independent development strategy."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here