Prosper petroleum group llc new york
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It was a major disappointment for Foster, and the several million dollars he received in severance was inadequate consolation. In the end, the bidders with greater resources-the likes of Arco, Amoco, Chevron, Mesa, and British Gas-acquired Tenneco's properties for an aggregate $7.3 million. After bidding began on the properties, however, the price of oil dropped by four dollars a barrel, dealing a psychological blow to Foster's effort to raise adequate funds, which also was hindered because so many of the properties were undeveloped and banks were reluctant to gamble on mere potential. Foster took steps to develop a leveraged buyout plan to acquire some of Tenneco's Gulf of Mexico properties, recruiting key employees and enlisting the help of investment banker Shearson Lehman Hutton. Then in May 1988, in what was considered a shocking move, Tenneco decided to sell its oil and gas properties, despite Foster's objections. As a result, he built employee loyalty, a factor that would become important in the creation of Newfield and its subsequent success.įoster became a director and executive vice-president, in charge of Tenneco's worldwide operations in oil and gas, and eventually became president of the company. Foster was also responsible for establishing a team concept with a multidisciplinary approach that was unusual for the day. Foster became manager of exploration and distinguished himself by aggressively acquiring leases, so that in the aftermath of the 1973 oil embargo Tenneco was well stocked with properties and in a position to prosper. In the 1960s he and some colleagues spearheaded an effort to get Tenneco involved in offshore drilling in the Gulf of Mexico. He went to work for a new oil company that would become known as Tenneco Oil Exploration & Production. He attended Texas A&M University and graduated first in his petroleum engineering class while simultaneously earning a business administration degree. He was born and raised in the Texas oil patch, the son of an oilman. Foster, was the man most responsible for the founding of the company. Newfield is a public company trading on the New York Stock Exchange.Ĭhairman and Founder Launching Tenneco's Business in the 1960s About 60 percent of these reserves were located onshore, with the balance in the Gulf of Mexico.
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At the close of 2003 the company had proved developed and undeveloped reserves of oil totaling 37.8 million barrels and 1.09 trillion cubic feet of gas. Gulf Coast of Texas and Louisiana, the Anadarko and Arkoma Basins, the North Sea, and China's Bohai Bay. Newfield's areas of operation include both the shallow and deep waters of the Gulf of Mexico, the onshore U.S. Its performance has been used by many independents as a benchmark for gauging their own success.
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