Local exec to help lead energy trade group
Posted on November 20, 2009 at 12:39 pm
Longtime oil and gas executive Gigi Lazenby has been named vice chairman of the Independent Petroleum Association of America, the trade group that represents thousands of America’s small drillers.
“These are extremely challenging times for America’s independent oil and gas producers, but I’m excited to hit the ground running and to continue our fight for expanded 21st century domestic energy exploration. Congress and the administration have made energy security and climate change top priorities, and IPAA remains committed to working with policymakers in Washington to find commonsense energy solutions that encourage responsible production of all energy resources here at home, including oil and natural gas,” said Vincent.
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Look for Mapco to go M&A on us
Posted on November 19, 2009 at 7:27 amEven though he’s trimmed his 2010 estimates and valuation of Delek US Holding, Avondale analyst Dan Mannes says the company’s is ready to build on its track record as a smart M&A player with “a knack for acquiring and turning around undervalued assets.” Mannes has a target of $7 on Delek shares (Ticker: DK), which closed Wednesday after-hours trading at $6.79.
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The money comes through for purchase of Stones River Cos.
Posted on November 3, 2009 at 1:44 pmWhen an Ohio-based lighting systems maker inked a letter of intent last month to buy Madison-based electrical and lighting management provider Stones River Cos., there was reason to doubt the deal would ultimately go down as planned.
Not only did Energy Focus Inc. say it would have to raise $3.5 million on the capital markets in order to acquire the company, but it raised the specter of having to “cease operations or seek federal bankruptcy protection” without that cash.
Looks like the buyer dodged the bullet. Nasdaq-listed Energy Focus yesterday announced it has raised $3.75 million in the first round of a 5 million-share offering – a result so successful it no longer needs to float a second round. Although the company has not divulged what it is paying for Stones River, it said the offering’s main purpose was to fund the deal. It now expects to close on the purchase within 30 days.
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NES misses out on smart grid stimulus
Posted on October 28, 2009 at 9:03 am
Tom Wood has the details on which three Tennessee cities will get a share of President Obama’s plan to upgrade the country’s electrical grid.
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Ensworth takes 40 cars off the road
Posted on October 27, 2009 at 12:31 pm
…by buying enough green power from the TVA to land on the EPA’s top 20 list of K-12 schools nationally.
How Delek already is suffering from climate legislation
Posted on at 9:52 am
Consulting firm Wood Mackenzie says climate legislation now being considered spells big potential trouble for oil refiners because of the limited availability of free emission permits. That helps explain why shares of Delek US Holding have trailed the S&P by some 50 points in the past six months. Brentwood-based Delek has since the end of 2005 booked 62 percent of its unit-level profits from refining.
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Bredesen and Kisber announce stimulus grants
Posted on October 22, 2009 at 8:18 amGovernor Phil Bredesen and Commissioner Matt Kisber of the Department of Economic and Community Development announced today that $9.3 million in federal stimulus funds will be available to small- and medium-sized cities and counties through the Energy Efficiency and Conservation Block Grant Program. The competitive grants are available to assist local governments in conserving energy and reducing fossil fuel emissions.
“I am very pleased these Recovery Act dollars are available to help local governments become more energy efficient,” said Governor Bredesen. “I have emphasized how important I believe it is for government to lead by example at the state level when it comes to conserving energy. Now our local governments will have the same opportunity to promote energy efficiency in their own communities.”
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Mapco unloads two stations in Memphis
Posted on October 6, 2009 at 8:01 amThe Brentwood-based company has sold two of its Memphis-area locations to an investment entity recently registered in Germantown.
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Energy Automation Systems gets new government relations man
Posted on September 17, 2009 at 2:03 pmFrom a press release:
Matthew Fox, who has extensive experience working with the federal government in communications and other technical projects, has been named director of marketing and senior program manager for Energy Automation Systems, Inc. (EASI). In this role he will demonstrate to the U.S. government and state and local governments how EASI can save taxpayer dollars by cutting energy use and electricity costs between 10 and 30 percent.
Fox will also assist EASI’s network of affiliate dealers on working with government agencies. EASI has developed 11 energy conservation and cost reduction technologies in use by thousands of customers in the U.S. and more than 60 foreign countries.
“Matthew Fox has an impressive professional history,” said Joe Merlo, EASI founder and chief executive officer. “He understood in an instant how Energy Automation Systems can save taxpayer dollars, improve government operations and make an important environmental contribution.
“Individually each of these is important. Combined they make a strong case for how governments at the local, state and national levels can immediately reduce their energy costs. It’s a message Matthew will be taking to them,” Merlo added.
Positions Fox has held in his career include working on communications and technical projects with Department of the Treasury; National Institutes of Health; U.S. Census Bureau and other government departments and agencies.
He has lived for extended periods of time in Holland, Belgium, Germany and Alaska while working on a variety of assignments.
His most recent position prior to joining Energy Automation Systems, Inc. (EASI) was as senior project engineer and director of project management for A-GTSI, a government contractor in Leesburg, VA, specializing in generators, UPS, Data Centers, and HVAC systems for mission critical facilities. Among other projects, Fox had oversight and project management of a $12 million specialized modular power system for a major national defense agency.
Fox, 51, studied political science, computer science and economics at York University in Toronto, Canada, and is a BICSI Registered Communications Distribution Designer.
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Legislating green construction
Posted on September 10, 2009 at 6:58 am
Their prospects for wholesale passage aren’t great, but the various versions of climate-change legislation include ambitious targets for lowering the energy usage of residential and commercial buildings. Baker Donelson’s construction practice breaks them down and says that, “if passed, the House bill will no doubt significantly increase the usage of the LEED rating system because all new buildings will already be meeting many of its provisions anyway.”
SEE ALSO: Our recent story on the legalities of green construction going bad, something that builders and developers will have to deal with more in the future
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Delek’s majority owner adds to stake
Posted on August 25, 2009 at 6:48 amThe shares of Delek US, which are changing hands at half their May 2006 IPO price, are apparently cheap enough for its parent company to buy more. Delek Group Ltd., which already owns more than 70 percent of Brentwood-based Delek US, bought another 65,000-odd shares of the company (Ticker: DK), spending about $525,000.
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You’re spending more at Mapco
Posted on August 7, 2009 at 6:34 amThe renovation campaign by parent Delek US Holdings — more than 20 stations have been overhauled in the Nashville area — is generating some interest.
For the six months ending June 30, 2009, the 50 reimaged stores opened one year reported a same-store fuel gallon sales increase of 5% compared to a -1.4% for the entire store base during the same period. In addition, the 50 reimaged stores opened one year reported positive merchandise sales growth of 5% compared to a -2.8% for the entire store base during the same period.
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First fire, now lightning
Posted on June 30, 2009 at 8:38 pmDelek’s Texas refinery – which only came back online in April after a November explosion – has been struck by lightning.
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A break for holiday drivers
Posted on June 28, 2009 at 8:15 pmThe AAA says oil prices have peaked for now and should head in the opposite direction they usually do come Independence Day weekend.
With high oil inventories and weak demand, 21 of 38 analysts (55%) surveyed by Bloomberg each Thursday say they expect oil futures to decline in the week ahead. Only eight of 38 expect prices to increase. (Nine remain neutral.)
Additionally, falling wholesale prices point to further drops ahead for retail prices, according to Retail Fuel Watch, an oil industry weekly published by Oil Price Information Service.
“Last year at this time, we saw the national average price of gasoline increase from $4.07 to $4.10 on July 4. Fortunately, it’s a much different story this year. All the indicators reflect that the peak price is behind us and we can now expect retail gasoline prices to edge downward, even as we approach the Independence Day weekend,” said Gregg Laskoski, managing director of public relations, AAA Auto Club South.
Delek sells off some Virginia stations
Posted on May 15, 2009 at 12:46 amThe Brentwood-based parent of Mapco (Ticker: DK) during the first quarter wrapped up deals to sell 12 convenience stores in Virginia for a total of $7.1 million – and at a loss of $1.3 million. (Search for ‘dispositions.’) Trade pub CSP Daily News has more, including details on the buyer.
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