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Oklahoma business briefs for May 2

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NBC Oklahoma names directors

Banking company NBC Oklahoma has appointed three new members to its board and said good-bye as longtime director Phil Carson of Altus stepped down. New board members are Oklahoma City attorneys Michael Crooks and Mike Bickford and Bond Payne, chairman of Heritage Trust Co. and vice chairman of Argent Financial Group.

Crooks, co-founder of Crooks Stanford & Shoop law firm, is a transactional attorney and entrepreneur who also is a founder in four successful startup businesses. He is a graduate of Southern Nazarene University and the University of Oklahoma College of Law.

Bickford is a partner with Fuller Tubb & Bickford law firm and represents business interests in his primary practice areas of commercial law, bankruptcy, business litigation and estate planning. He received his Juris Doctor from the University of Oklahoma College of Law and a bachelor’s degree from OU.

Payne, who co-founded Heritage Trust Co. in 1997, started working in compliance and asset management before being named chairman in 2004. In 2016, the company combined with Argent Financial Group, and Payne is market leader for Oklahoma in addition to serving on Argent’s board. He has a bachelor’s degree in political science from Vanderbilt University.

TULSA

Williams reports Q1 results

Williams Cos. Inc. announced Wednesday it earned a first-quarter net income of $194 million, or 16 cents per share, on revenues of $2.05 billion, compared to $152 million, or 18 cents per share, on revenues of $2.09 billion the same quarter in 2018.

Earnings before interest, taxes, depreciation and amortization in the first quarter of 2019 was about $1.2 billion, compared to about $1.1 billion in the first quarter of 2018.

Company executives said key metrics show the company remains on a path of year-over-year growth and noted several projects have been completed that put pipelines into service in moves that promise to add cash flows for the company the remainder of the year.

"Our first-quarter 2019 performance produced strong results and solid execution while fortifying our balance sheet," CEO Alan Armstrong said.

Laredo reports Q1 results

Laredo Petroleum on Wednesday posted a first-quarter net loss of about $9.5 million, or 4 cents a share, on earnings before interest, taxes, depreciation and amortization (EBITDA) of $123 million and revenues of about $209 million.

In the first quarter of 2018, the company earned a net income of about $86.5 million, or 36 cents a share, on EBITDA of about $143 million and revenues of about $260 million.

Operationally, the company produced a record 75,276 barrels of oil equivalent daily during the period. Officials attributed that to operational efficiency improvements that enabled it to complete 20 wells during the quarter, which was about a third more than predicted. The company also drove down lease operating expenses, completion costs and officials said it efficiently managed other capital expenditures during the quarter.

"The strategy Laredo committed to late last year is well underway," CEO Randy A. Foutch said. "Most importantly, we have already improved on the plan to operate within cash flow."

Samson Resources markets assets

Samson Resources II announced Wednesday it has hired EnergyNet to market holdings it owns in Johnson County, Wyoming, that aren’t part of its core positions.

Officials said the company owns about 47,000 net acres and a working interest of 75 percent in the area.

CEO Joseph A. Mills said the company continues to focus its efforts on producing from its holdings in the Powder River and Greater Green River basins in Wyoming, noting its daily production in March exceeded 10,500 barrels of oil equivalent, with 64 percent of that liquids.

"A sale of our Johnson County assets will assist the company in executing on its 2019 capital plan while maintaining its very strong financial and liquidity position," Mills said.

Staff reports

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