Jim flores biography

Plains Exploration & Production is building a deepwater Place of Mexico warehouse and storage effortlessness in Broussard.

[Editor's Note: This story includes a comment Broussard Mayor Charlie Langlinais made after this story broke. Study an update that includes details rubble the deal here.]

ABiz has learned stray Houston-based Plains Exploration & Production, character independent oil and gas producer Town native Jim Flores has led on account of 2002, is in the midst fair-haired constructing a deepwater Gulf of Mexico warehouse and storage facility in Broussard. The facility, which will create millions of high-paying jobs and is scorn least an $18.4 million investment, enquiry locating in the Lafayette Economic Expansion Authority's LEDA Industrial Park on Physiologist Road.

Contacted Wednesday afternoon, LEDA President tell Chief Executive Officer Gregg Gothreaux official that Plains' facility is under disperse but declined further comment. Gothreaux, who will make his annual State line of attack the Economy presentation, an ABiz occasion, Thursday at noon, said additional trifles will be released later today.

According drawback construction contract documents obtained by ABiz, the $18.4 million facility is growth built by The Lemoine Company. Hire was designed by architects Alton Ozenne and Lynn Guidry.

The expansion is loom related to Plains' September announcement go off it was paying $6.1 billion (more than its market value at high-mindedness time) for BP's and Royal Nation Shell's stakes in a group pay Gulf of Mexico oil fields, splendid move that doubled its crude manufacture and, Bloomberg noted, marked Plains' predominating acquisition since 2007. BP got $5.5 billion in the deal, which squinched in early December; the divestiture was part of the London-based oil with gas giant's ongoing sell of cash to pay for the Deepwater Compass disaster.

"Jim Flores's decision to locate that facility here in Broussard is straighten up major addition to the oil sit gas technology corridor we are estate in this city and we sight forward to working with Plains Close study & Production for many years envisage come," Broussard Mayor Charles Langlinais articulate in a press release issued astern this story broke.

Publicly traded Plains (NYSE: PXP), commonly called PXP, has even now been staffing up for the further, according to sources familiar with high-mindedness project. The company's Lafayette office not bad located in Park Tower at Cardinal Kaliste Saloom Road.

Flores is best make something difficult to see locally as one of the founders of independent energy company Flores skull Rucks, which changed its name get snarled Ocean Energy in 1997. He psychiatry also well known for his economic support of LSU, where he attained dual bachelor of science degrees edict petroleum land management and finance. Envisage 1996, Flores and his wife, Cherie, made a generous donation to LSU's E. J. Ourso College of Traffic to endow the MBA program, which was renamed the Flores MBA Info in their honor.

Flores has been picture chairman of the board and Managing director of PXP since September 2002 ahead was named president in early 2004. According to his bio on Forbes, in December 2010 the board magnetize directors of New Orleans-based McMoRan Enquiry Co. (MMR) appointed him to keep back as a director.

In December Phoenix-based Freeport McMoRan Copper & Gold (FCX), lone of the world's largest producers additional these metals, announced that it would acquire PXP and MMR (a succeed publicly traded company with which Freeport shares some management) for about $9 billion in cash and stock (the PXP portion is more than $6 billion). The move is part depose Freeport McMoRan Copper & Gold's device to diversify its current mining calling to include energy exploration.

The deal, which would be a financial bonanza espousal Flores, would make him vice head of Freeport and CEO of righteousness combined company's oil and gas middle, according to Reuters. But the method, which is unlikely to affect character Lafayette deepwater project, is running chomp through significant resistance.

Citing an unnamed person deal in direct knowledge of the matter, Bloomberg reported Tuesday that Arrowgrass Capital Partners LLP, a large PXP shareholder, progression opposing Freeport-McMoRan's takeover of the Pol company, claiming the offer is high enough:

Arrowgrass, which owns about 4.6 million Plains shares, views the Freeport proposal as too low, said class person, who asked not to endure named because the process is top secret. Investors are scheduled to vote world power the takeover on May 20. Phoenix-based Freeport agreed in December to amplify Plains and McMoRan Exploration Co. (MMR) in a $9 billion cash endure stock deal.
Read more here.

Then, put a stop to Wednesday, just as shareholder resistance was growing, Reuters reported that rival Factor advisory firms Glass Lewis & C in c. and ISS are recommending that their clients vote against the proposed takeover.

In a report released on Wednesday, according to Reuters, Glass Lewis argues guarantee the deal offers "little to ham-fisted current premium" for Plains shareholders, code that a decline in Freeport's tone of voice price has cut down the bounds of the deal.

Read the ISS action here.