Sean Strawbridge, chief of the top U.S. oil exporting port since 2015, quit amid reports of excessive spending.
Sean Strawbridge, CEO of the Port of Corpus Christi, resigned suddenly on May 16, following a heated meeting with the port’s commissioners.
Strawbridge, who has run the nation’s sixth-largest water port since 2015, built the facility into the top crude oil export facility in the U.S., with volumes averaging over 2 MMbbl/d. He is credited with helping the port to attract more than $65 billion in private industrial investments.
Strawbridge engaged in a sharp exchange with Commissioner Diane Gonzalez during a recent meeting, in which Gonzalez accused him of “exuberant spending” on travel, personal and party expenses, the Corpus Christi Caller-Times reported. Strawbridge denied any unethical behavior or misuse of funds and indicated the accusations were part of a political “witch hunt,” the newspaper reported.
KRIS-TV, the Corpus Christi NBC affiliate, reported on May 15 that the port has spent $200,000 to send a group of 27 to Israel to visit desalination facilities. The station also reported that Strawbridge spent an average of $10,000 per month on meals, drinks and snacks.
“He spearheaded the Corpus Christi Ship Channel Improvement Project that will render the Port the deepest and widest ship channel in the U.S. Gulf,” said Port Chairman Charles Zahn, Jr., in announcing the commissioners’ decision to accept Strawbridge’s resignation. “Despite this success, Sean never lost sight of the importance of investing in the future of energy through innovative and sustainable initiatives like scalable hydrogen and renewable energy production.”
Strawbridge’s resignation takes effect on June 2.
“From assembling the greatest team in the business to achieving record financial performance, we have accomplished many wonderful achievements together that have helped define my legacy here,” Strawbridge said in the announcement. “I am grateful for the opportunity to have been a part of the fabric of this community, and now is a good time for me to pass the baton as I cheer on the continued success of the Port of Corpus Christi and the Coastal Bend.”
RELATED
Port of Corpus Christi's Strawbridge on Exporting Crude, Plans for New LNG Hub [WATCH]
Recommended Reading
Vistra to Offer Senior Notes for Equity Interest Repayment
2024-11-19 - Vistra Corp. said the proceeds from the offer will be used toward an early payout for the installment purchase of Avenue Capital Management II’s interest in Vistra Vision.
New Fortress Makes Headway on $2.7B Debt Refinancing
2024-11-26 - New Fortress Energy Inc. anticipates raising approximately $325 million in gross proceeds through the refinancing.
Citgo Auction in Jeopardy as Venezuela Bondholders Pursue Parallel Claims
2024-10-11 - The court cases have increased uncertainty over which company is best positioned to take over the seventh-largest U.S. refiner Citgo Petroleum.
Delek Logistics Partners Raises $166MM in Offering to Pay Debt
2024-10-11 - Delek Logisitics Partners closed an offering of 4.42 million common units to generate gross proceeds of $166 million.
Marathon Oil Expects ‘Mass Layoff’ After ConocoPhillips Deal Closes
2024-10-31 - Marathon Oil’s merger with ConocoPhillips, which is to close by year-end, will trigger a layoff of more than 500 Houston employees, according to a state regulatory filing.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.