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Started By
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re: Major LSU donor, Jim Flores, Steps down from Freeport-McMoran
Posted on 4/5/16 at 1:12 pm to BigBuckTurd
Posted on 4/5/16 at 1:12 pm to BigBuckTurd
quote:
You should see this guy's duck hunting camp in White Lake. Huge place out in the middle of marsh. Can only get there by helicopter of airboat.
"Little Pecan Island"?
0
Posted on 4/5/16 at 1:16 pm to Dire Wolf
So much for the SJW narrative that it's only the grunts and minimum wage earners who get hurt while the CEOs all get fat bonuses, even when they "fail."
Posted on 4/5/16 at 1:24 pm to Dire Wolf
They started Flores & Rucks, changed the name to Ocean Energy, went public and got bought out by Devon
They started out with Plains Resources, spun off and became Plains Exploration, bought Nuevo and 3TEC, went public and got bought out by FMOG
What next?
They started out with Plains Resources, spun off and became Plains Exploration, bought Nuevo and 3TEC, went public and got bought out by FMOG
What next?
Posted on 4/5/16 at 2:24 pm to supatigah
Flores has been a successful oil man since the 80's
I interned at FMOG for a while and got the chance to meet him and the other executives mentioned in the OP. Jim seemed like a super nice guy and very down to earth and I didn't get the vibe that he thought he was "too good" or anything. I know doss bourgeois also went to LSU.
I interned at FMOG for a while and got the chance to meet him and the other executives mentioned in the OP. Jim seemed like a super nice guy and very down to earth and I didn't get the vibe that he thought he was "too good" or anything. I know doss bourgeois also went to LSU.
Posted on 4/5/16 at 2:32 pm to RedPop4
quote:
o much for the SJW narrative that it's only the grunts and minimum wage earners who get hurt while the CEOs all get fat bonuses, even when they "fail."
I'm sure their parachute will be quite golden.
Posted on 4/5/16 at 2:35 pm to Dire Wolf
FM is in a bad way right now. Oil and Gas is hurting, minerals is hurting, etc. They are trying to sell off some stuff and survive as a smaller company, but I think the better odds are that it gets either bought whole or bought in chunks until all gone.
Posted on 4/5/16 at 4:00 pm to Dire Wolf
That guy destroyed nearly as much capital as McClendon except he got bailed out once by, of all people, McClendon, when he allowed him to renegotiate the terrible Haynesville JV that nearly wiped him out, and a second time when his buddy Jim Bob bailed him out of all the bad deals he put together at PXP - mainly the ultra-deep wilcox fiasco. Super shady deal and the fall is well earned.
Posted on 4/5/16 at 4:01 pm to ShaneTheLegLechler
quote:
I think he had also donated a bunch of money to renovate the Houston Petroleum Club, thus why it had the LSU logo/gear in it
It's called the Bengal Bar.
Posted on 4/5/16 at 4:03 pm to RedPop4
quote:
So much for the SJW narrative that it's only the grunts and minimum wage earners who get hurt while the CEOs all get fat bonuses, even when they "fail."
You don't think he pulled the rip-cord on a golden parachute...SJWs are ridiculous but are you really going to compare the travails of a guy like Flores to those of a roustabout?
Posted on 4/5/16 at 4:44 pm to cwill
quote:
his buddy Jim Bob bailed him out of all the bad deals he put together at PXP - mainly the ultra-deep wilcox fiasco.
Was that not Jim bob who was the pioneer of the ultra deep wells?
Posted on 4/5/16 at 4:53 pm to Carson123987
Apparently he's looking for investors to help but out FCX's oil and gas properties
Posted on 4/5/16 at 5:02 pm to TheIndulger
quote:
Was that not Jim bob who was the pioneer of the ultra deep wells?
Yes..he used Freeport to bail out his E&P, McMoran and PXP...lined his own and Flores pockets with investor dollars. Was a terrible deal.
Posted on 4/5/16 at 5:29 pm to cwill
quote:
Yes..he used Freeport to bail out his E&P, McMoran and PXP...lined his own and Flores pockets with investor dollars. Was a terrible deal.
Wasn't there a shareholder lawsuit on that whole fiasco? Moffat's actions in that deal were extremely unethical and the whole thing was indeed a terrible deal for the company.
Posted on 4/5/16 at 5:40 pm to TigerDog83
quote:
Wasn't there a shareholder lawsuit on that whole fiasco? Moffat's actions in that deal were extremely unethical and the whole thing was indeed a terrible deal for the company.
Yes, they paid out over $100MM in the settlement over the obviously self-interested, shady deals.
Posted on 4/5/16 at 5:58 pm to cwill
PXP was doing well though, with the eagle ford. I think mcmoran was the one that needed to et bailed out right?
Posted on 4/6/16 at 9:42 am to TheIndulger
quote:
PXP was doing well though, with the eagle ford.
The EF at that stage was a money suck...most folks in the EF were and may still be cash negative because of the infrastructure buildouts and the well costs...throw the ultra-deep WX...I think they weren't going bankrupt but they weren't lighting it up. There best assets were probably in CA.
Posted on 4/6/16 at 1:23 pm to cwill
I didnt know Jim Bob left the company. I hope they turn it around or get bought out at a good price. I have a decent size stake in them.
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