Harken Energy Totally Explained

Everything about Harken Energy totally explained

Harken Energy Corporation is an American oil and gas company, headquartered in Southlake, Texas. Its shares trade publicly on the American Stock Exchange.

History

The company began as an unprofitable collection of Texas oil wells for investors seeking tax write-offs. George Soros was a part owner of Harken in 1986 when the company bought Spectrum 7 even though it had reported a net loss of $1.5 million the previous year. This transaction is considered to be a white knight deal, with Soros subsequently claiming the purchase was more about acquiring political influence.
In 1986 Arbusto Energy was bought by Harken for $2.2 million. As part of the deal George W. Bush served on Harken's board of directors through to 1993. He was also paid fees as a consultant for the company.
In 1987 Talat M. Othman joined the board of the company and served as the chair of the Audit Committee. Aloha Petroleum was sold in a controversial deal in which Harken's equity stake in Aloha was turned into a loan, thereby disguising financial loses. This questionable accounting technique of inflated profits was also used by Enron, resulting in the Enron scandal.

Insider trading allegations

Harken has attracted attention because of the role played in its affairs in the 1980s by George W. Bush, later the President of the United States. On the 22 June 1990, Bush while a director of the company, sold stock in Harken shortly before the company announced substantial losses. This transaction resulted in a U.S. Securities and Exchange Commission investigation of probable insider trading.
A Harken transaction associated with the endowment fund of Harvard University has also been questioned; see Harken Energy Scandal and Harken board member from Harvard, Michael R. Eisenson.

Further Information

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