General Interest 2001 P

09/27/2001 -- Schlumberger says US rigs increase, utilization hits 20-year high
After 2 years of declines, the number of US rigs grew this year as increased drilling activity pushed utilization to a 20-year high, said Schlumberger Ltd. officials Wednesday at the meeting of the International Association of Drilling Contractors in New Orleans.
09/27/2001 -- Reliant to buy Orion Power; maintains 2002 outlook
Reliant Resources Inc. Thursday said it will buy independent power producer Orion Power Holdings Inc. for $2.9 billion in cash, a 40% premium over Orion's Wednesday's closing price. Reliant also said it is not raising earnings estimates for 2002 due to changes in its outlook for electric prices in the West, even though it expects the Orion acquisition to immediately add to earnings.
09/27/2001 -- Devon and Mitchell to amend merger pact to reflect stock prices
Devon Energy Corp. and Mitchell Energy and Development Corp. said Thursday they expect to amend their merger agreement shortly to reflect changing stock prices. The companies still intend to complete Devon's acquisition of Mitchell during the fourth quarter.
09/26/2001 -- OPEC expected to hold quotas steady in Thursday announcement
Ministers of the Organization of Petroleum Exporting Countries are expected to announce Thursday they will leave the present quotas unchanged, with output at 23.2 million b/d and the target for the basket of crudes n the $22-28 range.
09/26/2001 -- Senate panel approves MTBE phase-out bill, floor action unclear
The Senate Committee on Environment and Public Works Tuesday approved a controversial bill that would require the Environmental Protection Agency to ban the fuel additive methyl tertiary butyl ether in 4 years. The full Senate is expected to amend the measure.
09/26/2001 -- AES's shares clobbered by earnings warning
AES Corp., one of the world's largest independent power producers, lost about half of its market capitalization by noon Wednesday in heavy trading on the New York Stock Exchange. AES warned investors after the market closed Tuesday 2001 earnings would fall short of analysts' expectations.
09/26/2001 -- Market watch: Oil futures prices continue to drop
Oil futures prices continued falling Tuesday to 22-month lows on the New York Mercantile Exchange as members of the Organization of Petroleum Exporting Countries signaled they have no intention of changing their production quota at their meeting today in Vienna.
09/25/2001 -- New financing strategies developing for pipelines serving power plants
Electric power plants are changing the methods of financing natural gas pipelines, requiring more creativity at the same time demand for pipeline capacity is rising, an investment banker said Tuesday. It was estimated that more than $8 billion will be needed to build some 30 announced pipeline projects between now and 2004.
09/25/2001 -- Power plants alter pipeline financing strategies, banker says
Electric power plants are changing the methods of financing natural gas pipelines, requiring more creativity at the same time demand for pipeline capacity is rising, an investment banker said Tuesday. It was estimated that more than $8 billion in capital will be needed to build some 30 announced pipeline projects between now and 2004.
09/24/2001 -- ABB wins ComEd substation order; rate rise challenged
Switzerland's ABB Group reported it won a $44 million turnkey order from Chicago's Commonwealth Edison Co. to build a new electric service substation to meet growing demand for power in the city. The Chicago utility is still grappling with the aftermath of 1999 power outages.
09/24/2001 -- Market watch: Energy futures prices spiral down
Energy futures prices continued to spiral down Friday, with fears of a major worldwide recession in the wake of the Sept. 11 terrorist attacks on the US. But some analysts are now say oil prices are unlikely to fall much further in the current environment of uncertainty.
09/24/2001 -- Atmos Energy to buy Misssissippi Valley Gas Electric Power
Natural gas distributor Atmos Energy Corp. Monday said it signed a definitive agreement to acquire Mississippi Valley Gas Co., Mississippi's largest natural gas distributor, for $150 million. The Mississippi Valley Gas acquisition will make Atmos the country's third-largest pure gas distributor, it said.
09/24/2001 -- Observers say technology gains can't nullify industry's personnel gap
Improving technology may help improve the productivity of oil and gas company employees, but observers doubt how long these efficiencies will last without industry addressing the underlying problem, its shortage of skilled technical workers.
09/21/2001 -- Electric Power news briefs, Sept. 21
BP Gas & Power � Neptune Regional Transmission System � Reliant Energy LLC � Niagara Mohawk Power Corp. � National Grid PLC � Manitoba Hydro Electric Board � Northern States Power Co. � Otter Tail Power Co. � Wisconsin Electric � American Transmission Co. � NRG Energy Inc. � Total Austral SA � AES Corp. � Calpine Corp. � Westcoast Energy Inc. � Newfoundland Power Inc.
09/21/2001 -- PJM's Harris says Northeast RTO workable, but not welcome
A regional transmission organization combining three existing grid operators in the Northeast is 'workable,' says PJM Interconnection LLC CEO Phil Harris, 'but we don't think it is a merger of equals.' Speaking in Houston Thursday, Harris said there is 'not a lot' of benefit to PJM in a combined regional transmission organization, but there is a 'lot in it for New York and New England.'
09/21/2001 -- Conoco combines A and B common stock on 1-for-1 basis
Conoco Inc. shareholders have approved the combination of its class A and B common stock into a single class of new common on a one-for-one basis.
09/21/2001 -- Market watch: Energy price declines slow
The recent freefall of energy futures prices slowed Thursday with aggressive buying of home heating oil that convinced some analysts the market may be about to bottom out. The October contract for home heating oil increased 0.24¢ to 72.14¢/gal on the New York Mercantile Exchange.
09/20/2001 -- PG&E files bankruptcy plan; FERC to oversee pipeline
Pacific Gas & Electric Co. filed a reorganization plan Thursday that will allow the California utility to emerge from bankruptcy protection and pay creditors' claims, including unsecured creditors. The company's California gas pipeline system will be reconfigured to become an interstate pipeline regulated by the Federal Energy Regulatory Commission.
09/20/2001 -- Market watch: Energy futures prices continue to tumble
Energy futures prices continued to tumble in international markets Wednesday, driven down by fears that world demand for petroleum will be a casualty in a US war against terrorism. The October contract for benchmark US sweet, light crudes fell 98¢ to $26.72/bbl.
09/19/2001 -- ENI reports record earnings for first half of 2001
ENI SPA of Rome earned a record 3.5 billion euros during the first half of this year, up 28% from the same period during 2000, company officials reported Wednesday. It was attributed to a 15% jump in operating income from increased hydrocarbon production and sales outside of Italy, and a 929 million euro gain from property sales.

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