Oklahoma business briefs for April 3, 2019
TTCU announces OKC branch
Construction is underway on a new TTCU Federal Credit Union branch in Oklahoma City at 15104 N Pennsylvania Ave. The location is scheduled to open this fall.
The 3,780-square-foot OKC branch will use technology such as interactive teller machines, which allow members to complete simple transactions themselves. NewGround, which has designed and built previous projects for Tulsa-based TTCU, will oversee the construction of the new branch.
“Oklahoma City is a new market for TTCU, but one which we have been considering for some time,” CEO Tim Lyons said. “We’re excited to bring our philosophy of helping members succeed to another part of the state.”
Mid-Con closes deals
Mid-Con Energy Partners announced this week it has closed on previously announced transactions to sell substantially all its Texas assets for $60 million and to acquire producing properties in Caddo, Grady and Osage counties for $27.5 million.
The company also announced it has renegotiated its revolving line of credit, setting its borrowing base at $110 million. CEO Jeff Olmstead said the company is pleased with those achievements.
“Going forward, the partnership will benefit from a significantly lower outstanding debt balance, a low decline rate asset base, and the flexibility to spend its free cash flow on developing our existing inventory of projects, acquiring new assets, or repaying outstanding debt,” Olmstead said.
Officials said Mid-Con will use its excess cash from the transaction to reduce its debt to $68 million.
WPX sells pipeline
A WPX Energy subsidiary and its joint venture partner in the Oryx II Pipeline have agreed to sell their interests in the project, company officials have announced.
WPX expects to gain net proceeds of about $350 million for its 25% equity interest, after adjusting for related debt financing, and expects to save about $40 million it had planned to invest in the project the balance of the year, officials said.
The Oryx system is a regional crude oil pipeline transport network that supports the Northern Delaware Basin. It consists of more than 500 miles of pipe that include a significant presence in the Stateline area of Texas and New Mexico. Oryx II is one component of the overall system.
WPX is retaining its contractual rights as a shipper on Oryx, though. Proceeds from the sale, expected to close in the second quarter, will be added to its balance sheet, officials said.
Gateway Mortgage honored
Gateway Mortgage Group has been selected for the fifth time as one of the “50 Best Mortgage Companies to Work For” by Mortgage Executive Magazine.
The rankings are based on more than 10,000 mortgage loan officer surveys from at least 300 mortgage companies and banks. The mortgage loan officers ranked each company based on culture, underwriting, loan processing, management, compensation, marketing and technology. The publication then averages the rankings to select the top 50 companies.
Gateway Mortgage last year experienced record growth, funding more than 29,000 loans for a total of $6.1 billion in mortgage loans, a 10% increase from 2017. With more than 150 retail locations and over 1,100 team members, Gateway expects its annual loan volume in 2019 to exceed $8 billion.
“It is an honor to be recognized again by Mortgage Executive Magazine as one of the best mortgage companies to work for,” Gateway CEO Stephen Curry said. “Our talented team members and strong corporate culture are driving our success.”