Week in review
BY D.R. STEWART World Staff Writer
Sunday, February 03, 2013
2/03/13 at 3:48 AM
American raise possible if airline merges with US
American Airlines' unionized mechanics and ground workers have reached a tentative agreement with American and US Airways that would provide 21,000 Transport Workers Union members a 4.3 percent wage increase if the two carriers merge, company and union officials said Monday.
The wage increase, which is valued at $260 million, and other transition issues are included in a Memorandum of Understanding the union negotiated over the past month with representatives of senior management at US Airways and American, officials said.
If bankrupt American Airlines and US Airways agree to merge and the merger is approved by a U.S. Bankruptcy Court, TWU members will receive an immediate 4.3 percent wage increase over and above previously negotiated contract agreements, officials said.
TWU International President James Little said in the event of a merger, TWU work groups will continue to operate under the American Airlines collective bargaining agreements. The MOU also outlines the process to develop a combined union seniority list if the two carriers merge, he said.
- D.R. STEWART, World Staff Writer
Los Cabos opening restaurant in Owasso
OWASSO - Los Cabos Mexican Grill and Cantina will expand to Owasso this spring.
Company owners said they have signed a lease on a 7,500-square-foot property at 9455 N. Owasso Expressway, the former home of a Delta Cafe restaurant.
"It just felt like the market was ready for us," said Jimmy Blacketer, a part owner of the Los Cabos chain. "Owasso went through a pretty good growth period a few years ago, and with Claremore and Collinsville in the area we feel like Los Cabos will do really well."
Blacketer said the company hopes to have the 270-seat restaurant opened by late April or early May.
Los Cabos has turned into one of the region's most popular restaurants since opening in Jenks in 2005 at the RiverWalk Crossing development.
- KYLE ARNOLD, World Staff Writer
McClendon retiring from Chesapeake in April
Aubrey McClendon, the petroleum landman who started Chesapeake Energy Corp. and built it into one of the nation's biggest natural gas producers before losing power when the company floundered in debt, will step down as CEO and president effective April 1.
A news release from Oklahoma City-based Chesapeake announced McClendon's imminent departure Tuesday.
McClendon, 53, lost his chairmanship of the company's board last year amid a financial collapse due to falling natural gas prices and Chesapeake's lack of liquidity.
The longtime face of Chesapeake told employees that the resignation was mutually agreed upon with the board of directors.
- ROD WALTON, World Staff Writer
BOK Financial records record earnings in 2012
BOK Financial Corp. generated record earnings in 2012 as net income grew 23 percent, driven largely by strong mortgage banking activity, the company reported Wednesday.
The Tulsa-based regional banking company recorded net income of $351.2 million, or $5.13 per diluted share, compared with $285.9 million, or $4.17 per share, in 2011.
Net income for the fourth quarter grew 23 percent and totaled $82.6 million, or $1.21 per diluted share, compared with $67.0 million, or 98 cents a share, for the 2011 fourth quarter.
Steven Nell, chief financial officer, called 2012 an "exceptional year of significant growth in clients, talent and revenue."
Non-interest revenue increased 20 percent over 2011, led by tremendous growth in mortgage banking revenue, said BOK, whose holdings include Bank of Oklahoma.
- LAURIE WINSLOW, World Staff Writer
Startup seeded by $300 million equity investment
A group of former Samson Investment Co. employees have banded together to form a new Tulsa-based energy company now supported by a $300 million commitment from a Houston private equity fund.
Bright Horizon Resources was formed to pursue oil and natural gas opportunities in Oklahoma, Texas, Arkansas and Louisiana fields. The new company does own any properties yet but hopes to soon make deals out of its temporary offices at One Warren Place and future home at Two Warren.
"We are looking to fill up that deal pipeline," Bright Horizon CEO Dudley Viles said Thursday.
- ROD WALTON, World Staff Writer
Toni and Nick Johnson look at boats at the Tulsa Boat Sport and Travel Show at the Expo Center on Tuesday. The 57th annual show runs until Sunday and is using all 11 acres of the Expo Center. STEPHEN PINGRY / Tulsa World