BNET Industries
Market Cap:$1.1B
Last Fiscal Year Sales:$1.3B
- Public
- US
Dow Jones Description
We are an independent oil and natural gas exploration, development and production company with principal operations in the Permian Basin and the Gulf of Mexico. As of December 31, 2008, approximately 70% of our total estimated proved reserves were classified as proved developed, with approximately 45% of the total estimated proved reserves located in the Permian Basin, 20% in the Gulf of Mexico deepwater and 35% on the Gulf of Mexico shelf. Our revenues, profitability and future growth depend substantially on prevailing prices for oil and natural gas and our ability to find, develop and acquire oil and gas reserves that are economically recoverable while controlling and reducing costs. The energy markets historically have been very volatile. Oil and natural gas prices increased to, and then declined significantly from, historical highs in mid-2008 and may fluctuate and decline significantly in the future. Although we attempt to mitigate the impact of price declines and provide for more predictable cash flows through our hedging strategy, a substantial or extended decline in oil and natural gas prices or poor drilling results could have a material adverse effect on our financial position, results of operations, cash flows, quantities of natural gas and oil reserves that we can economically produce and our access to capital. Conversely, the use of derivative instruments also can prevent us from realizing the full benefit of upward price movements. ...
Chairman, Chief Executive Officer and President
Scott D. JoseyNumber of Employees 276
Contact Information
1 Briar Lake Plz W Sam Houston Pkwy S Ste 2000
Houston, Texas 77042-3622
(713) 954-5500
Peer Companies
NAICS Code Crude Petroleum and Natural Gas Extraction: 211111
Recent Events
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S&P affirms Mariner Energy at B+, changes recovery rating to 3
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BMO Capital Upgrades Mariner Energy ME to Outperform
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Energy stocks up on Fed comments, supply data
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Mariner Energy buys Edge Petroleum assets
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UPDATE 1-Mariner Energy shares fall on 2010 production forecast
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Mariner Energy Elects Retired Energy Executive to Board
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Mariner Energy Sees Year-over-Year Increases for 2009
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Mariner Energy names CFO
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Mariner Energy CFO Karnes steps down
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Management Changes at Mariner Energy
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Mariner Energy Appoints Cris Sherman As VP And Chief Accounting Officer - Quick Facts
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Mariner Energy Announces Management Changes
News & Analysis
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finance and mariner energy inc. - All News and Analysis
Mariner Energy, Inc. Q3 2009 Earnings Call Transcript
Question-and-Answer SessionOperator Thank you. Operator instructions. Our first question comes from the line of Neal Dingmann with Wunderlich Securities. You may ask your question, sir. Neal Dingmann - Wunderlich Securities Scott you mentioned the budget for next year it looks like it will be down. Can you give us...
Forest Oil and Mariner Energy Complete Spin-off and Merger of Forest's Offshore Gulf of Mexico Operations with Mariner
DENVER & HOUSTON -- Forest Oil Corporation (NYSE: FST) -- Forest Oil Becomes a Highly Focused Onshore Resource Company --Mariner Energy Becomes a Leading Gulf of Mexico Focused Independent Forest Oil Corporation Forest (NYSE: FST) and Mariner Energy, Inc. Mariner (NYSE: ME) today jointly announced the completion...
Forest Oil Announces Final Stages of the Proposed Spin-off of Its Offshore Gulf of Mexico Operations and Special Stock Dividend to Shareholders and Merger Transaction
DENVER -- Forest Oil Corporation (NYSE:FST): --Forest Oil's Board of Directors Declares a Special Stock Dividend and Sets a Record Date of February 21, 2006 --Mariner Energy's Form S-4 Registration Statement Declared Effective by the SEC --Mariner Sets March 2, 2006 for Stockholders Meeting to Approve Merger...
TGS-NOPEC Geophysical Company and Mariner Energy Sign Agreement
HOUSTON--BUSINESS WIRE--Aug. 27, 1999-- TGS-NOPEC Geophysical Company (OSLO:TGS) today announced that it has consummated an agreement with Mariner Energy Inc. that will involve the license of over 250 OCS lease blocks of TGS-NOPEC non-exclusive 3-D survey data. This data will be used by Mariner Energy to evaluate deepwater acreage...
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Decision Makers
| Name (plus bio) | Position |
|---|---|
| Dalton F. Polasek | Chief Operating Officer |
| John H Karnes | Senior Vice President, Chief Financial Officer and Treasurer |
| Michiel C. van den Bold | Senior Vice President & Chief Exploration Officer |
| Mike C. van den Bold | Senior Vice President & Chief Expl. Officer |
| Cory L. Loegering | Senior Vice President Deepwater |
| Jesus G. Melendrez | Senior Vice President, Corporate Development |
| Judd A. Hansen | Senior Vice President Shelf and Onshore |
| Teresa G. Bushman | Senior Vice President, General. Cnsl. & Secretary |
| Charles H. Odom | Vice President of Offshore Land and Business Development |
| Ken E Moore | Vice President of Onshore Land |
| Michael C McCullough | Vice President of Acquisitions and Divestitures |
| Richard A. Molohon | Vice President of Reservoir Engineering |
| Jaime F Brito | Director, Investor Relations |
| Alicia Dodge | Offshore Landman |
| Michiel C van | |
| Bernard W. Aronson | Director |
| John F. Greene | Director |
Board of Directors
| Name (plus bio) | Position |
|---|---|
| Scott D. Josey | Chairman, Chief Executive Officer and President |
| H. Clayton Peterson | Chairman |
| Alan R. Crain | Board of Directors |
| John L. Schwager | Board of Directors |
| Jonathan Ginns | Board of Directors |
Mr. Josey has served as Chairman of the Board since August 2001. In October 2002, Mr. Josey was also appointed Chief Executive Officer and in February 2005 was appointed President. From 2000 to 2001, Mr. Josey served as Vice President of Enron North American Corp. and co-managed its Energy Capital Resources group. From 1995 to 2000, Mr. Josey was the managing partner of Sagestone Capital, which provided investment banking services to the oil and gas industry and portfolio management services. Prior to joining Sagestone Capital, Mr. Josey was a Director with Enron Capital & Trade Resources Corp. in its energy investment group from 1993 to 1995. From 1982 to 1993, Mr. Josey worked in all phases of drilling, production, pipeline, corporate planning and commercial activities at Texas Oil and Gas Corp. Mr. Josey is a member of the Society of Petroleum Engineers and the Independent Producers Association of America.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Chairman, Chief Executive Officer and President | Current |
Mr. Polasek was appointed Chief Operating Officer in February 2005. From April 2004 to February 2005, Mr. Polasek served as Executive Vice President of Operations and Exploration. From October 2001 to April 2004, Mr. Polasek served as Senior Vice President of Operations. Prior to joining Mariner, Mr. Polasek served as: Vice President of Gulf Coast Engineering for Basin Exploration, Inc. from 1996 until February 2001; Vice President of Engineering for SMR Energy from 1994 to 1996; director of Gulf Coast Acquisitions and Engineering for General Atlantic Resources, Inc. from 1991 to 1994; and manager of planning and business development for Mark Producing Company from 1983 to 1991. He began his career in 1975 as a reservoir engineer for Amoco Production Company. Mr. Polasek is a Registered Professional Engineer in Texas and a member of the Independent Producers Association of America, the American Association of Drilling Engineers and the American Petroleum Institute. He holds a BS in Petroleum Engineering from the University of Texas.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Chief Operating Officer | Current |
| American Petroleum Institute | Board of Directors | Current |
| American Petroleum Institute | Member | Current |
| Mariner Energy Inc. | Executive Vice President Operations | Former |
| Amoco Corporation | Engineer | Former |
| The University of Texas | BS In Petroleum Engineering | Former |
Mr. Karnes is Mariner’s Senior Vice President, Chief Financial Officer and Treasurer. Previously, Mr. Karnes was the Senior Vice President and Chief Financial Officer of The Houston Exploration Company from November 2002 through December 2005. Prior to his service at Houston Exploration, in 2002 he was Vice President and General Counsel for Encore Acquisition Company, a NYSE-listed exploration and production company. He served as Executive Vice President and Chief Financial Officer at Cybercash, Inc., a NASDAQ-listed software and services provider, from 2000 to 2001. He has served in other management roles at publicly-traded companies during his career, including positions at Snyder Oil Corporation and Apache Corporation. He is an attorney and practiced at the national law firm of Kirkland & Ellis, from 1987 to 1991, focusing on securities matters and mergers and acquisitions.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Senior Vice President, Chief Financial Officer and Treasurer | Current |
| Cybercash, Inc. | Chief Financial Officer | Former |
| The Houston Exploration Company | Senior Vice President and Chief Financial Officer | Former |
| Cybercash, Inc. | Executive Vice President | Former |
| Encore Acquisition Company | Vice President | Former |
| Encore Acquisition Company | General Counsel | Former |
| Apache Corporation | Former | |
| The University of Texas at Austin | Bachelor of Business Administration Degree In Accounting | Former |
Mr. van den Bold is Mariner's Senior Vice President and Chief Exploration Officer. He served as Vice President and Chief Exploration Officer from April 2004 to April 2006. From October 2001 to April 2004, he served as Vice President of Exploration. He joined Mariner in July 2000. From 1996 to 2000, he worked for British-Borneo. He began his career at British Petroleum in 1987. He is a Certified Petroleum Geologist, Texas Board Certified Geologist and member of the American Association of Petroleum Geologists. He received his BS and MS in Geology from Louisiana State University.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Senior Vice President & Chief Exploration Officer | Current |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Senior Vice President & Chief Expl. Officer | Current |
Mr. Loegering is Mariner’s Senior Vice President of Deepwater. He served as Vice President of Deepwater from August 2002 until September 2006. Mr. Loegering joined Mariner in July 1990 and has held various positions including Vice President of Petroleum Engineering and Director of Deepwater Development. Mr. Loegering was employed by Tenneco from 1982 to 1989, serving in various positions including as senior engineer in the economic, planning and analysis group in Tenneco's corporate offices. Mr. Loegering began his career with Conoco in 1977 and held positions in the construction, production and reservoir departments responsible for Gulf of Mexico production and development.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Senior Vice President Deepwater | Current |
| Deepwater | Senior Vice President | Current |
| Deepwater | Vice President | Former |
| ConocoPhillips | Former | |
| Tenneco, Inc. | Former | |
| Conoco, Inc. | Former |
Jesus G. Melendrez has been promoted to Senior Vice President, Corporate Development. Mr. Melendrez had served as Vice President, Corporate Development, since joining Mariner in July 2003. He has 26 years of experience in the oil and gas industry, spanning corporate development, finance and engineering.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Senior Vice President, Corporate Development | Current |
| Enron Corp. | Former | |
| The University of Houston | MBA | Former |
| University of Southern California | BS in Chemical Engineering | Former |
| The University of Houston | BS In Chemical Engineering | Former |
| Organization | Position | Status |
|---|---|---|
| Shelf Corporation | Senior Vice President | Current |
| Mariner Energy Inc. | Senior Vice President Shelf and Onshore | Current |
| Onshore, Inc. | Senior Vice President | Current |
| Shelf Corporation | Vice President | Former |
| Onshore, Inc. | Vice President | Former |
| Shell Oil Company | Production Engineer | Former |
| South Dakota School of Mines & Technology | BS In Mechanical Engineering | Former |
Ms. Bushman is Mariner's Senior Vice President, General Counsel and Secretary. She served as Vice President, General Counsel and Secretary of Mariner from the time she joined the company in June 2003 until April 2006. From 1996 until joining Mariner, Ms. Bushman was employed by Enron North America Corp., most recently as Assistant General Counsel representing the Energy Capital Resources group. Prior to her employment at Enron, Ms. Bushman was a partner with Jackson Walker, successor to Dotson, Babcock & Scofield, in Houston, where she began her legal career in 1985 representing clients in oil and gas and financing matters. She received her BS in Business Education, magna cum laude, and her J.D., cum laude, from the University of Houston.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Senior Vice President, General. Cnsl. & Secretary | Current |
| Mariner Energy Inc. | Board of Directors | Current |
| Mariner Energy Inc. | Vice President | Former |
| Mariner Energy Inc. | General Counsel | Former |
| Enron Corp. | Former | |
| The University of Houston | J.D. | Former |
| The University of Houston | BS In Business Education | Former |
Mr. Odom joined Mariner Energy in April 2009 as Vice President of Offshore Land and Business Development. Prior to joining Mariner he was Vice President at Santos USA and was a principal of Gryphon Exploration Company from initiation to sale of the company in 2005. He also founded and was president of C.H. Odom Company, a management consulting firm specializing in strategic development and energy investment. Other experience includes Vice President of Contracts and Sales for Sandefer Offshore Company, and Land Manager for Challenger Minerals, a subsidiary of Global Marine; Transco, and Crown Central Petroleum. Mr. Odom graduated from the University of Texas at Austin with a bachelora s degree in petroleum land management.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Vice President of Offshore Land and Business Development | Current |
| The University of Texas at Austin | Former |
Mr. Moore was appointed Vice President of Onshore Land in March 2008. He began his career at Mariner in 2003, being named Business Development Manager-Onshore in 2004. He graduated from West Texas A&M University with a bachelor’s degree in political science and served in the United States Marine Corp.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Vice President of Onshore Land | Current |
| West Texas A&M University | Former |
Mr. McCullough was appointed Vice President of Acquisitions and Divestitures in March 2008. He joined Mariner in 2004 as a Senior Reservoir Engineer, and was promoted to Manager-Exploitation and Acquisitions in 2006 before taking on his current responsibilities. He graduated from Marietta College in Marietta, Ohio, with a bachelor’s degree in petroleum engineering.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Vice President of Acquisitions and Divestitures | Current |
| Mariner Energy Inc. | Senior Reservoir Engineer | Current |
| Marietta College | Former |
Mr. Molohon was appointed Vice President of Reservoir Engineering in May 2006. He joined Mariner in January 1995 and has held various positions in reservoir engineering, economics, acquisitions and dispositions, exploration, development, planning and basin analysis. From 1991 to 1995, he worked as a Senior Acquisition Engineer for General Atlantic, Inc. performing reserve and economic evaluations and bid analyses. From 1980 to 1991, he was a Project Petroleum Engineer for various subsidiaries of Tenneco, Inc. He began his career with Amoco Production Company as a Production Engineer in 1977. Mr. Molohon is a Registered Professional Engineer and a member of the Society of Petroleum Engineers. He holds a BS in Petroleum Engineering, with honors, from the University of Texas.
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Vice President of Reservoir Engineering | Current |
| Mariner Energy Inc. | Manager | Former |
| Tenneco, Inc. | Project Petroleum Engineer | Former |
| Amoco Corporation | Production Engineer | Former |
| The University of Texas | BS In Petroleum Engineering | Former |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Director, Investor Relations | Current |
| Mariner Energy Inc. | Board of Directors | Current |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Offshore Landman | Current |
| Young Professionals In Energy | Director | Current |
| Louisiana.Com | Landman | Former |
| Talisman Energy Inc. | Former | |
| University of Calgary | Bachelor of Commerce Degree | Former |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Current | |
| BP plc | Former |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Chairman | Current |
| Mariner Energy Inc. | Board of Directors | Current |
Alan Crain was named Senior Vice President in 2007. Mr. Crain joined Baker Hughes as Vice President and General Counsel on November 8, 2000. Mr. Crain has broad experience as a corporate legal executive, having served as Executive Vice President, General Counsel and Secretary for Crown Cork & Seal Company, and as Vice President and General Counsel for Union Texas Petroleum. Mr. Crain has also held legal positions at Pennzoil and El Paso Energy. Mr. Crain received his J.D. and M.B.A. degrees from Syracuse University, in addition to M.S. and B.S. degrees in Management Engineering from Rensselaer Polytechnic Institute.
| Organization | Position | Status |
|---|---|---|
| Baker Hughes Incorporated | Senior Vice President | Current |
| Mariner Energy Inc. | Board of Directors | Current |
| Seal.Com | Executive Vice President | Former |
| Crown Limited | Executive Vice President | Former |
| Baker Hughes Incorporated | Vice President | Former |
| Seal.Com | General Counsel | Former |
| Baker Hughes Incorporated | General Counsel | Former |
| Crown Limited | General Counsel | Former |
| Pennzoil Limited | Former | |
| Seal.Com | Secretary | Former |
| Crown Limited | Secretary | Former |
| Syracuse University | J.D. | Former |
| Rensselaer Polytechnic Institute | B.S. degrees in Management Engineering | Former |
Bernard Aronson is a Founder and Managing Partner of ACON Investments. Prior to founding ACON, he was an International Advisor to Goldman Sachs for Latin America. From 1989 through 1993, Mr. Aronson served as Assistant Secretary of State for Inter-American Affairs under Presidents Bush and Clinton. Mr. Aronson holds a B.A. from the University of Chicago. He currently serves on the Boards of Directors of Mariner Energy, Liz Claiborne, Royal Caribbean International and Global Hyatt Corporation. Mr. Aronson is a member of the Council on Foreign Relations.
| Organization | Position | Status |
|---|---|---|
| Acon, Inc. | Founder | Current |
| Chroma Exploration & Production, Inc. | Founder and Managing Partner of Acon Investments | Current |
| Acon Investments, LLC | Founder | Current |
| Acon Investments, LLC | Managing Partner | Current |
| Fat Cat Chef | Current | |
| Acon Investments, LLC | Chairman | Current |
| Global Hyatt Corporation | Director | Current |
| Royal Caribbean International | Board of Directors | Current |
| Hyatt International, Ltd. | Board of Directors | Current |
| Freedom of The Seas | Director | Current |
| Incredible Cruising | Director | Current |
| Sandra Catron | Director | Current |
| Mariner Energy Inc. | Director | Current |
| Liz Claiborne, Inc. | Director | Current |
| Fwo Travel | Director | Current |
| Ronald King and Family | Director | Current |
| Chroma Exploration & Production, Inc. | Board of Directors | Current |
| Celebrity Vineyards | Director | Current |
| Affairs | Assistant Secretary | Former |
| The Goldman Sachs Group, Inc. | Former | |
| Affairs | Board of Directors | Former |
| University of Chicago | B.A. | Former |
| Council on Foreign Relations | member | Former |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Director | Current |
| Conoco, Inc. | Former | |
| ConocoPhillips | Former | |
| Burlington Resources, Inc. | Former |
| Organization | Position | Status |
|---|---|---|
| Mariner Energy Inc. | Board of Directors | Current |
| Alamco Corporation | President and Chief Executive Officer | Former |
| Belden & Blake Corporation | Chief Executive Officer | Former |
| Callon Petroleum Company | Executive Officer | Former |
| Shell Oil Company | Executive Officer | Former |
| Organization | Position | Status |
|---|---|---|
| Acon Investments, LLC | Founder | Current |
| Chroma Exploration & Production, Inc. | Founder and Managing Partner of Acon Investments | Current |
| Signal International, LLC | Board of Directors | Current |
| Optimal Group, Inc. | Board of Directors | Current |
| Chroma Exploration & Production, Inc. | Board of Directors | Current |
| Mariner Energy Inc. | Board of Directors | Current |
| Acon Investments, LLC | Partner | Former |
| Booz Allen Hamilton, Inc. | Senior Consultant | Former |
| Brandeis University | B.A. | Former |
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