OKLAHOMA BUSINESS BRIEF
Midstates Petroleum has board shake-up
TULSA — Midstates Petroleum Co. Inc. announced Wednesday the resignation of three board members and their replacements.
The company said Randal Klein, Evan Lederman and David Proman were added to the board, effective Wednesday, after Frederic (Jake) F. Brace, Michael Reddin and Bruce Vincent resigned.
The new directors represent significant investors in Midstates. Klein is a portfolio manager at Avenue Capital Management II. Lederman and Proman are managing directors and partners at Fir Tree, where they co-lead the firm’s restructuring division.
“We look forward to their insight and guidance, as the firms they represent collectively own approximately 40 percent of Midstates’ outstanding shares,” Midstates Chairman Alan Carr said.
Hearing in Tate Publishing case postponed
EL RENO — A preliminary hearing that had been set for Wednesday on various criminal charges faced by the former owners of a now-defunct vanity publishing house in Mustang didn’t occur.
Instead, another status conference with the judge overseeing the case is now scheduled for Dec. 12 in Canadian County District Court in El Reno, officials said.
Richard Tate, the founder of Mustang-based Tate Publishing & Enterprises, and his son Ryan Tate, the firm’s CEO, face numerous criminal charges that could send them to prison for up to 35 years.
Each man faces four felony embezzlement charges, a misdemeanor embezzlement charge, and three felony attempted extortion by threat charges. Each also faces a felony racketeering charge.
American Fidelity earns spot on list of top workplaces for women
Great Place to Work and Fortune magazine have named American Fidelity one of the country’s Best Workplaces for Women.
Women make up more than half of the company’s employees, 52 percent of all officers and 53 percent of the executive team, including Jeanette Rice, the company’s president and chief operating officer. Rice received a Great Place to Work For All Leadership Award earlier this year for her role in creating a high-trust culture that values every employee.
“It is such an honor to be named as a Best Workplace for Women,” Rice said. “We strive to be an employer of choice for all and work to develop the full potential of our people regardless of gender, race, sexual orientation or age.”
Great Place to Work considered more than 540,000 employee surveys from hundreds of businesses in all sectors of the economy. The survey measures employee satisfaction with their organizations’ culture, leadership, fairness and other elements essential for a great workplace.
BKD food drive helps provide 50,800 meals
BKD’s Oklahoma City office recently helped provide 50,800 meals as part of its annual Feeding Hope Food Drive in partnership with the Regional Food Bank of Oklahoma.
Local employees at the certified public accounting and advisory firm contributed $4,850 and qualified for a $1,500 matching grant from BKD Foundation. Including another matching contribution from the Food for Kids program, the total donation was $12,700.
BKD also donated about 70 pounds of shelf-stable food to the Guild of St. George, a food bank partner agency down the street from BKD. Over the six years of BKD’s food and fund drive, the firm has donated more than 530 pounds of shelf-stable food and 187,000 meals provided by way of about $40,000 in financial contributions.
Mattress Warehouse adds U-Haul dealership
MUSTANG — The Mattress Warehouse location at 1421 E State Hwy. 152 has become a neighborhood dealer for U-Haul Co. of Oklahoma Inc.
As part of the deal, the store will offer U-Haul trucks and moving supplies.
SemGroup posts thirdquarter earnings
TULSA — SemGroup Corp. on Wednesday posted third-quarter earnings of $8.4 million, or 3 cents a share, compared to a net loss of $19.1 million, or 25 cents a share, for the same period in 2017.
The third-quarter profits also represent a turnaround from the second quarter of 2018, where the company reported losses of $2.7 million. The improvement in quarter-over-quarter earnings is due primarily to an unrealized gain on commodity derivatives compared to an unrealized loss in the prior quarter.
“I am pleased with the improved earnings in three of our segments this quarter, including contributions from the new crude storage tanks” at the Houston Fuel Oil Terminal Co., SemGroup CEO Carlin Conner in a statement. “Although the quarter reflects startup costs associated with the (Houston Fuel Oil Terminal Co.) tanks and losses related to inventory cost timing in crude supply and logistics, we are seeing high demand for our assets.”