The StoneCap Group Enters Power and Gas Arena.Energy Editors/Business Editors
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HOUSTON--(BUSINESS WIRE)--March 12, 2003
StoneCap Management, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control
-- Former senior energy industry executives, Tarpley and Scott, to head StoneCap Group, LP. -- Company plans to purchase and operate energy assets.
StoneCap Management, LLC, today announced the formation of The StoneCap Group, L.P., a limited partnership established to acquire and control power and natural gas assets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
StoneCap's principals include Hugh Tarpley and Milton Scott. Both are former executive vice presidents at Houston-based Dynegy Inc., where, between them, they were responsible for mergers and acquisitions, strategic investments, financial planning Financial planning
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , risk management, corporate compliance and administration.
The firm is targeting energy assets which produce, transport or deliver energy products. StoneCap also will provide value-added services, such as logistics and risk management and procurement, for wholesale, industrial and retail customers.
According to Tarpley, the time is right for industry "insiders" with experience in both regulated and unregulated natural gas and electricity markets to purchase and operate undervalued Undervalued
A stock or other security that is trading below its true value.
The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. energy assets. "Following an unprecedented roller-coaster year in the merchant energy business, and the short-term failure of electricity deregulation Deregulation
The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.
Traditional areas that have been deregulated are the telephone and airline industries. in certain regions of the U.S.," Tarpley said, "the 'incumbent' companies are finding it necessary to divest assets in order to improve their balance sheets and enhance liquidity. We believe this environment signals an ideal opportunity to acquire assets, maximize their operating efficiencies through sound economic and management practices, provide solid returns to investors in the near-term, while positioning the assets to benefit when the industry recovers," he added.
Scott noted that today's stakeholders -- investors, employees and regulatory officials -- expect the highest standards in corporate accountability and financial performance. "Our intention is to assemble a top-flight group of seasoned professionals with the knowledge, motivation and ability to extract value from underperforming or non-strategic energy assets," said Scott. "However, our objectives extend beyond financial performance. We also intend to make customer service a top priority," he added.
Milton Scott most recently was executive president and chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive at Dynegy Inc., where he managed corporate planning, risk management, compliance and internal audit, human resources, global facilities and supply chain management. In addition to those responsibilities, he also was the liaison between Dynegy's senior management team and the board of directors, and in particular, helped develop and enhance the company's corporate governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. model for accountability. Scott joined Dynegy after 22 years with the Houston office of Arthur Andersen, LLP LLP - Lower Layer Protocol , where he was a partner and headed the firm's Southwest Region technology and telecommunications practice. A graduate of Southern University in Baton Rouge, Scott serves on the board, is lead director and chairs the audit committee of W-H Energy Services, a NASDAQ-listed public company.
Hugh Tarpley previously was executive vice president, Strategic Investments, for Dynegy Inc., one of the leading merchant energy companies in the United States. In that role, he was responsible for mergers and acquisitions and corporate strategy, both domestically and abroad. Prior to joining Dynegy, he was president of British Gas Americas, and before that, he was treasurer of VICO VICO Violation of Court Order
VICO Virtual Intelligent Co-Driver (previously known as Roy M. Huffington Roy M. Huffington is a Texas oilman and former U.S Ambassador to Austria.
Huffington was born in 1917. He graduated from Southern Methodist University and earned M.A. and Ph.D. degrees in geology from Harvard. After serving as Ensign to Lt. Inc.), an exploration and production company and liquefied natural gas liquefied natural gas: see under natural gas.
Liquefied natural gas (LNG)
A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. producer in Asia. He graduated from the University of Notre Dame.
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