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Oklahoma business briefs for Jan. 16, 2020

A Laredo Petroleum production pad near Midland, Texas is seen. [PROVIDED]
A Laredo Petroleum production pad near Midland, Texas is seen. [PROVIDED]


Weingart named associate director of ChoiceMatters

Rebecca Weingart has been named associate director of ChoiceMatters, an Oklahoma City-based nonprofit that offers parents information, resources and support to help them navigate Oklahoma’s pre-K through 12th grade educational offerings.

Weingart previously served as the program director for Junior Achievement of Oklahoma and she directed community relations and volunteer coordination at Crossroads Youth & Family Services Inc.

“My passion is to make the biggest and most positive impact I can for Oklahoma families,” Weingart said. “That begins with education. ChoiceMatters is helping young people and families connect with the schools and educational programs that best suit their needs. I can’t think of a better way to enrich a young person’s life than that.”

Oklahoma online business programs ranked

The U.S. News & World Report this week released its rankings of the country's best online business programs.

For online Master of Business Administration programs, Oklahoma State University's Spears School of Business led the state programs and ranked No. 40 nationwide. Cameron University ranked No. 191, followed by Northeastern State University at No. 223 and Oklahoma Christian University at No. 245.

The magazine also ranked the top online master's degree programs in business that are not MBAs. The Spears School also led the state on that list, landing at No. 34 overall. Oklahoma City University's Meinders School of Business ranked No. 41, and the University of Oklahoma's Michael F. Price College of Business was ranked No. 55.


EES announces purchase intent

Energy & Environmental Services Inc., an oil-field chemical, anti-corrosive coatings and biotech company, announced this week it has signed a nonbinding letter of intent to acquire Texas-based Abilene Celex Services.

The company proposes to pay Celex’s owners $325,000 in cash, and anticipates the company will be liability-free at the time it is acquired. The Edmond company estimates combined revenues after the purchase would climb by about $700,000, initially.

"We are very excited about the location and personnel we are gaining with the acquisition of Celex," Leon Joyce, Energy & Environmental Services’ CEO, stated as part of the announcement. "For EES, the acquisition would realize one of management's key initiatives, which is to gain market share through mergers and acquisitions. This is a strategic move and a great opportunity to expand in the Snyder, Texas, region, where we own property and blend chemicals."


Laredo increases offering size

Laredo Petroleum Inc. announced Friday it has increased the size of a debt offering it is making to investors.

The company announced pricing for $600 million of 9.5% senior notes due 2025 and $400 million in aggregate principal amount of 10.125% senior notes due 2028 in a registered underwritten offering, for a total of $1 billion.

Interest on the debt will be paid Jan. 15 and July 15 annually, with the first being made this year on July 15. The offering is expected to close on Jan. 24.

Company officials earlier stated it would use revenue it raises through this month’s debt offering to retire $450 million in unsecured debt due in January 2022 and $350 million in unsecured debt due in March 2023.


SPP chooses new CEO

The Southwest Power Pool’s directors announced Wednesday it unanimously selected Barbara Sugg, its current senior vice president of information technology and chief security officer, to serve as the organization’s new CEO.

Sugg will replace Nick Brown, who joined the regional transmission organization in 1985 and has served as CEO since 2003. Brown announced in July he planned to retire this year.

“The board believes Barbara is well-suited to continue to strengthen SPP’s foundational attributes while recognizing the need and opportunity to improve our efficiency and effectiveness,” Chairman Larry Altenbaumer said. “She is equipped to develop, build and strengthen the relationships that are increasingly critical to the sustained success of our organization, and particularly those with our members and regulators.”

Sugg, who has 30 years of IT experience in the electric utility industry, joined the organization in 1997 as a senior IT specialist.

Staff reports