Tough Times For Tulsa's SemGroup

SemGroup L.P. released a statement Friday morning stating it has named a new president. 

According to the release, Terry Ronan is now SemGroup L.P. president and chief executive officer.

Friday's release comes one day after the energy company issued a news release saying it had debt problems and was considering bankruptcy.

The stock for Tulsa-based, SemGroup L.P. (SGLP) plummeted on Wall Street on Thursday falling from more than $22 a share to $11 at closing.

SemGroup L.P. was founded by Tom Kivisto in 2000 and the company is the corporate sponsor for the LPGA's annual golf tournament at Cedar Ridge C.C. in Broken Arrow.

Thursday evening, SemGroup L.P. told investors it was experiencing liquidity issues and was exploring various alternatives, including filing of a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code.

Kevin Foxx remains president and CEO of SemGroup Energy Partners, L.P.