Author: Joshua Mann

Baker Hughes is giving its CEO a raise, putting his salary at the $1 million mark.

Park Energy and its private equity backer started talking with Archrock about a deal before the downturn in 2020.

The new executive will be the first to hold the CEO position at the company.

The company had delayed the project’s construction in 2020 because of the pandemic.

“Recent transactions we’ve seen that are in areas where there is good drilling opportunity, not only are you having to value the cashflow-producing asset at market rates, you’re also having to ascribe value to the upside.”

“We’re still looking at the opportunity to consolidate additional assets under the Earthstone umbrella in order to continue our growth objectives,” the CEO said. “We could still do a couple more deals, and we’d love to do a couple more deals this year….

The company had originally cut compensation for all of its employees, including a 20% cut to executive salaries.

Additionally, TechnipFMC announced plans to acquire the remaining 49% interest in TIOS AS, currently a joint venture with Island Offshore Management AS.

The midstream company’s growth strategy used to be centered around expansion and diversification within the petroleum business, but it now has plans to invest more than $2 billion into its energy transition business.

The CFO will stay with the company until a replacement can be named.