BNET Industries

Market Cap:$1.3B
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. Josey
Number of Employees 276
Contact Information

1 Briar Lake Plz W Sam Houston Pkwy S Ste 2000

Houston, Texas 77042-3622

mariner-energy....

(713) 954-5500

NAICS Code Crude Petroleum and Natural Gas Extraction: 211111

Recent Events

  • Mariner Energy Elects Retired Energy Executive to Board

    11/10/09 - Board Member - Entering - View Story

  • Mariner Energy Sees Year-over-Year Increases for 2009

    11/06/09 - Financial Announcement - View Story

  • Mariner Energy names CFO

    10/21/09 - Mgmt. Change Entering - CFO - View Story

  • Mariner Energy CFO Karnes steps down

    10/21/09 - Mgmt. Change Entering - CFO - View Story

  • Management Changes at Mariner Energy

    10/26/09 - Mgmt. Change Leaving - CFO - View Story

  • Mariner Energy Appoints Cris Sherman As VP And Chief Accounting Officer - Quick Facts

    10/21/09 - Mgmt. Change Entering - Vice President - View Story

  • Mariner Energy Announces Management Changes

    10/21/09 - Mgmt. Change Leaving - CEO - View Story

News & Analysis

mariner energy inc. and seeking alpha - All News and Analysis

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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     ME $13.41 +0.48 (3.71% )
Average Volume 1,396,920
Shares Outstanding 101.77M
Market Cap 1.4B
Year High 16.66
Year Low 6.46
Earnings Per Share -11.93
P/E Ratio -1.12
Dividend N/A
Yield N/A
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