Client News Release
Jennings to take helm at Frontier Oil (at bizjournals.com) and Reliant sells electricity marketing assets to Hess (AP)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/18/2008 - Oil & Gas Refining & Marketing industry news provided by Financial News USA (OTC: FNWU). Frontier Oil Corp. has named Mike Jennings as president and chief executive officer, effective Jan. 1. He assumes the positions from Jim Gibbs, who will remain chairman of the Houston refinery operator until 2010. Marni Matyus walked away from Nortel to find success and satisfaction selling unique baby items. Might be a good idea as economy remains dim. But one career counselor warns that decision shouldn't be made in haste. © 2008 American City Business Journals, Inc. and its licensors. All rights reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of bizjournals. Frontier Oil Corp. has named Mike Jennings as president and chief executive officer, effective Jan. 1. He assumes the positions from Jim Gibbs, who will remain chairman of the Houston refinery operator until 2010. Marni Matyus walked away from Nortel to find success and satisfaction selling unique baby items. [Read the full article]
HOUSTON (AP) -- Reliant Energy Inc. said on Friday it will sell its contracts for electricity supply and sales of its retail subsidiaries in the Northeast to Hess Corp. by the end of the year.These subsidiaries, Reliant Energy Solutions East and Reliant Energy Solutions Northeast, provide electricity and related services to commercial and industrial customers in Delaware, Maryland, New Jersey, New York, Pennsylvania and the District of Columbia. The company said the contracts included in the transaction represent a total load of about 5.8 million megawatt hours. The terms of the deal were not disclosed.In October, as the credit crisis spread, Reliant announced it was exploring "strategic alternatives," a term typically used by companies considering a sale, either whole or partial. [Read the full article]
ORANGE, Calif., Nov. 17 /PRNewswire-FirstCall/ -- United Fuel & Energy
Corporation (OTCBB: UFEN), a leading distributor of gasoline, diesel, propane and lubricant products to customers in the southwestern and south central U.S. today announced its financial and operational results for the three months ended September 30, 2008.
Highlights:
-- Total revenue for the third quarter of 2008 increased 137% to $231.0
million compared to total revenue of $97.4 million for the third
quarter of 2007.
-- Operating income was $3.0 million in the third quarter of 2008 as
compared to a loss of $1.6 million in the 2007 comparable quarter.
-- Net income was $75,000 for the third quarter of 2008, versus a net loss
of $(1.8) million for the same period in 2007. [Read the full article]
CALGARY, ALBERTA--(MARKET WIRE)--Nov 17, 2008 -- The Fort Hills Energy L. P. ("The Partnership") announced today that it will defer the final investment decision on
the mining portion of the Project ("Project") until a cost estimate consistent with the current market environment can be established. The Partnership now anticipates making a final investment decision in 2009. The Sturgeon Upgrader ("Upgrader") portion of the Project will be put on hold and a decision on whether to proceed with the Upgrader will be made at a later date. The Partnership is deferring the Upgrader at this time to reduce overall cost exposure on the Project and will now
focus efforts on developing the mine and bitumen production
facilities. [Read the full article]
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