Vivakor Inc (NASDAQ:VIVK) said it has hired oil industry expert James Ballengee as its new CEO and board chair to lead its environmental-social-governance (ESG) efforts, diversity its products and services and develop future projects.
Vivakor said Ballengee will lead its recent acquisitions of Silver Fuels Delhi and White Claw Colorado City, combining the benefits of a midstream oil and gas company with its proprietary Remediation Processing Centers, and providing the opportunity to capture a significantly greater portion of the oil storage, transportation, and remediation value chain.
According to Vivakor, Ballengee brings more than 20 years of direct energy industry experience having previously served as CEO of Taylor Logistics, an oil gathering, storage, and transportation company, sold to Gibson Energy in 2010. He also served as CEO of private crude oil marketing firm Bridger Group, and managed its successor, Bridger Logistics.
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Ballengee said he looks forward to continuing Vivakor's vision to build an environmentally friendly company operating in the oil sector.
"I believe my oil industry experience, coupled with Vivakor's existing ESG focus, will allow us to develop opportunities and acquire assets that have the potential to create future value for Vivakor's shareholders. I look forward to leading Vivakor into the future," Ballengee said in a statement.
In August 2022, Vivakor acquired Silver Fuels Delhi, LLC (SFD), and White Claw Colorado City, LLC (WCCO) for a total consideration of $37.4 million from entities affiliated with Ballengee.
In 2021, Silver Fuels Delhi generated $33 million in revenue, $1.7 million operating income and $1.4 million net income, according to Vivakor. For the six months ended June 30, 2022, unaudited, Silver Fuels generated 118% growth to $29.6 million in revenue, $1.8 million of operating income and $1.4 million of net income, as disclosed in audited financial statements included in a Form 8-K/A.
“The combination of this vision and the acquisition of the midstream oil and gas assets of SFD and WCCO presents a unique opportunity to bring ESG technology to the existing traditional midstream industry,” Ballengee said.
Irvine, California-based Vivakor is a clean energy technology company focused on the oil remediation and natural resources sectors.
Contact the author at susie@proactiveinvestors.com