Oklahoma business briefs for April 25
Stockyards hires new manager
The Oklahoma National Stockyards’ directors announced Wednesday Kelli Payne is the facility’s new general manager. Payne, a fifth-generation farmer and rancher from Mustang, is just the sixth person and the first woman to hold the position in the Stockyards’ 109-year history.
Payne brings more than 20 years of management experience and an extensive background in the cattle industry to the job, officials said. Rob Fisher, past president of the Oklahoma National Stockyards, will serve as an adviser to Payne as the transition begins.
“We are excited about the energy Kelli brings to the organization. We know she has what it takes to carry on the legacy that was forged before her,” said Chris Bakwin, chairman of the National Stockyards Co.
Payne earned a bachelor’s in animal science, livestock merchandising, from Oklahoma State University and serves as chairwoman of the Stockyards City Main Street program.
She also serves on the Ag In the Classroom Advisory Council and the Stockyards Urban Design Committee, belongs to the Oklahoma Cattlemen’s Association, Cattlemen’s Leadership Academy Class 26, Oklahoma Cattlewomen’s Association, Sirloin Club and West OKC Rotary and coordinates many of the parades and events in Stockyards City.
Laredo appoints president
Laredo Petroleum Inc. announced Wednesday it has named Mikell "Jason" Pigott as its new president and a director.
Pigott, most recently an executive vice president at Chesapeake Energy Corp., where he oversaw operations and technical services, will join Laredo on May 28. Pigott previously worked for Anadarko Petroleum for 14 years.
Pigott will succeed Randy A. Foutch as Laredo’s CEO during the final quarter of the year. Foutch, also Laredo’s board chairman, plans to retire, he said.
"Jason’s appointment is the culmination of a comprehensive succession planning process that has been years in the making,” Foutch stated in the release. "His extensive background in leading multidisciplinary operational and technical organizations as well as experience contributing to executive-level strategic decisions will be invaluable as he begins to assume leadership and transitions into the CEO role.”
H&P posts quarterly results
Helmerich & Payne announced Wednesday it earned a net income of about $61 million, or 55 cents a share, on operating revenues of about $721 million during its quarter that ended March 31.
Company officials said those results were based on a rig revenue increase of more than $450 a day and boosted daily average rig margins, which were up by about $900 a day.
“From the outset, this was a quarter challenged by industry uncertainty, so I am pleased to report that the company not only stayed on target and delivered sequentially improved net income, but also achieved two significant milestones,” CEO John Lindsay said.
Lindsay said the company boosted its count of super-spec FlexRigs to 230 and successfully commercialized new drilling automation technology. While Lindsay observed that crude oil prices are up about 40 percent compared to the end of 2018, he said the company hasn’t seen increased business from the higher prices.