McJunkin Red Man Names Former Halliburton Chief New CEO

McJunkin Red Man, formerly McJunkin the largest closely-held corporation in West Virginia, has named Andy Lane their new CEO and Craig Ketchum, former CEO and son of Red Man's founder, Chairman of the Board. No mention was made of any of the Wehrles, former owners of McJunkin and now majority stockholders with Goldman Sachs of New York City. As recently as last week corporate officers were telling me that the Charleston headquarters was safe and would not be moved. I'm still skeptical.

Why do you think it would be moved, OC?

Where to?

The owners are no longer West Virginians. The Wehrles appear to be cashing in. It looks like Red Man, of Tulsa, is more involved day-to-day. Once the IPO is finished and Goldman Sachs is out of the picture, all the big stockholders will be in the oil business out of Oklahoma. Why leave it here?

Well for one thing it looks like there will be more drilling going on here..

But I dont know.

Just seems to make sense they would want to be where the business is.

I just hate to see them leave.

Yes, there will be more drilling going on here. Most of their business is on the Gulf Coast and I think they are looking for most of their growth overseas. While the drilling here will be significant to us, in the great scheme of things it will be but a drop in the proverbial bucket.

Their primary customer in West Virginia is DuPont. DuPont's future in WV is more shaky than McJunkin's.