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March 29, 2015 12:58 PM ET

Oil, Gas and Consumable Fuels

Company Overview of HighMount Exploration & Production LLC

Company Overview

HighMount Exploration & Production LLC engages in the exploration and production of oil and gas in the Permian Basin, Oklahoma's Mississippian Lime, and the Texas Panhandle areas. The company was founded in 2007 and is based in Houston, Texas with operating offices in Oklahoma City and Morrison, Oklahoma; and Sonora, Texas. As of July 31, 2007, HighMount Exploration & Production LLC operates as a subsidiary of Loews Corporation.

16945 Northchase Drive

Suite 1750

Houston, TX 77060

United States

Founded in 2007

Phone:

281-873-1500

Fax:

281-873-1618

Key Executives for HighMount Exploration & Production LLC

Chief Executive Officer and President
Age: 55
Chief Financial Officer
Chief Information Officer and Vice President
Vice President and General Counsel
Vice President of Finance and Treasurer
Compensation as of Fiscal Year 2014.

HighMount Exploration & Production LLC Key Developments

HighMount Exploration & Production LLC Announces Layoffs in Oklahoma City

HighMount Exploration & Production LLC announced that it plans to close its Oklahoma City office, eliminating up to 97 full-time positions. The company said it plans to lay off 48 employees between Oct. 24 and Nov. 3, 2014. The company's office is at 14000 Quail Springs Parkway.

HighMount Exploration & Production LLC to Cut Jobs, Expects to Close Houston Office

HighMount Exploration & Production LLC told the Texas Workforce Commission earlier this month that it plans to cut jobs at its Houston facility, which is expected to close. HighMount said in a Worker Adjustment and Retraining Notification Act letter to the Texas Workforce Commission that it will cut 35 jobs in stages on Oct. 24, Oct. 27 and Nov. 3, but the company expects to cut additional jobs.

HighMount Exploration & Production LLC Announces Earnings and Production Results for the First Quarter Ended March 31, 2013; Reports After-Tax Ceiling Test Impairment Charge for the First Quarter Ended March 31, 2013

HighMount Exploration & Production LLC announced earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of $88 million compared to a net loss of $22 million in the first quarter of 2012. The lower results were due to a noncash cost-centered ceiling test impairment charge of $92 million after taxes. The 2013 write-down was attributable to reduced average NGL and oil prices used in the that ceiling test calculation and negative reserve revisions. Revenue was $68 million against $76 million a year ago. Income before income tax was $6 million against $10 million a year ago. For the quarter, the company's natural gas production was 8.6 billion cubic feet at an average realized price of $4.10 per 1,000 cubic feet, natural gas liquids production was 503,000 barrels at an average realized price of $37.33 per barrel and oil production was 158,000 barrels at an average price of $90.60 per barrel. For the first quarter ended March 31, 2013, the company reported after-tax ceiling test impairment charge of $92 million related to its carrying value of natural gas and oil properties as compared to an impairment charge of $28 million for the prior year quarter.

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Date
Target
Merger/Acquisition
August 11, 2014
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