Ovintiv faces proxy challenge from investment firm Kimmeridge theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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Kimmeridge Energy Management Co on Tuesday launched a proxy fight against Ovintiv Inc to win three seats on the oil producer’s board.
The private investment firm urged Ovintiv to alter its capital spending, focus on governance and said that the board had allowed Ovintiv to become an environmental laggard, trailing peers on key environmental metrics.
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Kimmeridge owns 2.5% of Ovintiv’s common shares and is one of the oil driller’s top ten shareholders.
DENVER Extraction Oil & Gas Inc. (OTCMKTS: XOGAQ) has tapped a new CEO after it was cleared to exit Chapter 11 bankruptcy several weeks ago. In a statement, the Denver company said former board chairman Tom Tyree will become CEO, while former CEO Matt Owens would be demoted to chief operating officer. The company will also resume trading on the Nasdaq after its stock was suspended for failing to maintain standards required by the exchange. Extraction’s board has six new independent directors, led by Kimmeridge Energy Management Co. managing partner Ben Dell. Kimmeridge is a New York-based private-equity group focusing on unconventional oil and gas plays. “The Extraction team has worked hard over the last six months to right-size the business, lower its cost structure and optimize its midstream agreements,” Dell said in a statement. Howard Willard, who was formerly CEO of Phillip Morris successor Altria Group Inc. (NYSE: MO), also joined the board. Extraction was among sever