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May 30, 2024 · James C. Flores founded Ocean Energy, Inc. in 1992, Flame Acquisition Corp. in 2020, where he worked as Chairman, President & Chief Executive Officer from 2020 to 2023, and Sable Offshore Corp. in 2020, where he is working as Chairman & Chief Executive Officer from 2024.
James C. Flores Chairman and Chief Executive Officer. Mr. Flores has served as Chairman and Chief Executive Officer of Sable Offshore Corp. since September 2021.
- Fcx’S Oil and Gas Assets For Sale
- It Was A Combination That Made Sense at The Time, For The Times
- What Went Wrong?
- Moffett
- Flores
- Not All Investors Were Pleased with The New Treasure Trove—Some Gloves Came Off
- Hindsight Is 20/20: Fast Forward to 2014-16
- Finding A Buyer: Not A Straight-Forward Process in Today’S Market
- Doing Just Enough to Maintain Production Without Drilling
- No Color from Freeport
With a $20.8-billion debt albatross weighing on the company as of the end of the first quarter of 2016, word went out in December 2015 that Freeport was looking for a buyer for its oil and gas assets. $20 billion of debt represents a large obligation of cash flow. The 2015 interest payments by FCX amounted to $645 million. In the same year, FCX pai...
McMoRan Exploration was a renaissance exploration company. A co-founder back in 1969, James R. Moffett, aka Jim Bob Moffett, was a world renowned wildcatter for oil and gas and minerals deposits. During the years when he presented at EnerCom’s The Oil & Gas Conference® in Denver, it was standing room only. Other oil and gas executives would cut sho...
That’s the question. An acquisition or a merger of companies works when the assets fit. When disparate assets are put together, such as Mobil Oil buying Montgomery Ward in 1976, any down-cycle will add pressure when each asset base has a strong and independent management team. PXP was public and had its team. Same for MMR and FCX. So why the merger...
“[The acquisition] gives us not only a chance to put together one of the biggest natural resource companies in the world, as oil and gas are already a diverse commodity and, of course, the USA assets that we’re in, make us about a 50% USA and 50% foreign asset,” Moffett said in 2012. “So we think we have put together a combination of companies that...
Speaking about the assets that came with the deal, Flores said the oil and gas side of Freeport-McMoRan’s business would keep pace with double-digit growth on the mining side. “It’s going to be my charge to make sure our unit growth is neutral to positive to the mining growth,” said Flores. “One thing we were very concerned about was the dilution o...
While Freeport-McMoRan had a history of successfully buying large assets and paying down the debt incurred in the acquisition, not all of FCX’s investors were pleased with the deal. During the Q&A portion of the company’s conference call, Evy Hambro, the lead manager of BlackRock’s World Mining Fund and World Gold Fund, which were invested in the m...
The oil price crash that would follow almost exactly two years later changed the landscape drastically. With the company loaded with debt that it took on to purchase the assets, and oil plummeting from multi-year highs, the PXP and MMR assets began to drag on the mining company’s balance sheet. In 2014, oil and gas accounted for 20% of the company’...
The next day on the company’s conference call, Adkerson discussed the difficulties Freeport is facing in finding a buyer for the rest of the company’s assets. “We looked for potential buyers for the business during the first quarter aggressively… because of the conditions in the marketplace, with low oil prices, with credit pressures on companies f...
For the time being, it appears that Freeport-McMoRan plans to keep production flat without drilling any new wells. “We recently completed a series of tieback wells to our production facility. That’s going to allow us for a period of time to maintain near term production without additional drilling,” said Adkerson. In the Gulf of Mexico “we have fou...
Oil & Gas 360® reached out to Freeport’s media contacts and asked what FCX considered to be a fair price for its assets, and at what price the company might consider increasing production from its assets. But the company declined to elaborate outside the information in the press releases. Freeport announced May 13, 2016, that the company canceled t...
Feb 19, 2024 · Exxon's Santa Ynez Unit facilities are now owned by Sable Offshore, a company headed by offshore production veteran Jim Flores. Apparently Exxon had suffered enough, and Flores accepted the challenge.
Mar 1, 2021 · Flame Acquisition Corp., led by James C. Flores, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization...
Nov 2, 2022 · Jim Flores, Flame Acquisition CEO and sole owner of Sable Offshore (the target), will receive 3.0 million shares of FLME as consideration for the sale of Sable to Flame. Merger agreement does include any cash closing condition.
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Feb 5, 2021 · At the proposed deal size, Flame Acquisition would command a market value of $313 million. The company is led by CEO and Chairman James Flores, the former CEO of Sable Permian Resources and...
