Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
U.S. oil and gas producer Ovintiv Inc. said on March 4 it added a nominee of hedge fund Kimmeridge Energy Management to its board, ending a proxy fight and winning the fund’s support at its annual shareholder meeting.
Kimmeridge has a 2.5% stake and is among Ovintiv's top 10 shareholders. It launched a proxy fight for three board seats in January and had urged the company to alter its capital spending and focus on governance.
RELATED:
Denver-based Oil Producer Ovintiv Faces Proxy Fight from Kimmeridge
The company said Katherine Minyard, investment principal at Denver-based Cambiar Investors, will join the board, while the fund will withdraw the nominations of founder Ben Dell and Columbia University research scholar Erin Blanton as independent directors.
Kimmeridge began its push for changes at Ovintiv in November last year, flagging concerns about executive compensation and lack of board refreshment. In January, the fund expanded its demands to include cut costs and sale of noncore assets.
Since then, Ovinitiv, formerly a Canadian company known as Encana, has announced the sale of its Duvernay assets in Alberta, set new debt reduction goals and aligned its executive compensation with climate change related targets.
Recommended Reading
Beach Town Corpus Christi Grows into America’s Top Energy Port
2024-01-16 - The Port of Corpus Christi is the U.S.’ largest energy export gateway and in terms of total revenue tonnage as increased midstream investments have opened export markets for the prolific Permian Basin.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
CNOOC Brings Lufeng Phase 2 Project Onstream
2024-01-03 - CNOOC’s South China Sea development is expected to reach peak production of 22,600 bbl/d in 2025.
Guyana’s Economy to Grow 34.3% in 2024, Finance Minister Says
2024-01-19 - Guyana’s economy is expected to grow 34.3% in 2024, exceeding growth of 33% in 2023, as an Exxon Mobil Corp.-led consortium ramps up offshore oil production, according to Guyana’s finance minister Ashni K. Singh.
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.