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During 1986, petitioner's executive management team
consisted of Elmer J. Jackson as its chief executive officer
(CEO), Roger L. Billings as its chief operating officer (COO),
Darrel Reed as its vice president of finance, and Robert W.
Wagner as its land manager.6 Mr. Billings, a petroleum
geologist, and Mr. Wagner each had over 30 years of experience in
the oil and gas business when they joined petitioner during 1985.
Robert Miller served as petitioner's general counsel.7
Petitioner's board of directors (board) was composed of Mr.
Jackson, Mr. Billings, and three individuals who were not
involved with petitioner's management.
Petitioner was subject to the regulatory control of both the
Kansas Corporation Commission (KCC), a State agency, and the
Federal Energy Regulatory Commission (FERC). The KCC had
regulatory control over the production and development of the
Hugoton field. At the time petitioner became public, the KCC had
6 Mr. Jackson, an attorney with over 30 years of experience in
the oil and gas business, joined petitioner at KN Energy's
request prior to the Sept. 13, 1985, spinoff. Mr. Jackson joined
KN Energy in 1952 as an attorney after working 4 years for a
major oil company. During the spring of 1984, Mr. Jackson left
KN Energy to serve as Midlands' executive vice president and
general counsel until it was acquired, during December 1984, by
Freeport McMoRan, Inc. Then, prior to the Sept. 13, 1985,
spinoff of petitioner, KN Energy asked Mr. Jackson to return to
KN Energy to serve as petitioner's CEO.
7 Like Mr. Jackson, Mr. Miller began his legal career with KN
Energy.
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