General Interest 2001 P

11/12/2001 -- Rubin says SPE to 'evolve' technology for communicating with members, students
Mark Rubin, executive director of the Society of Petroleum Engineers, says SPE needs new methods for communicating with its members and school students.
11/09/2001 -- Dynegy agrees to buy Enron in a $8.5 billion stock deal
Dynegy Inc. Friday agreed to buy its bigger cross town rival Enron Corp. in a stock deal valued at $8.5 billion and to assume $15 billion of Enron debt. Analysts praised the deal as a good one for Dynegy. After it was reported late Friday, Fitch put Dynegy on ratings watch negative, indicating the credit rating agency could affirm or lower the rating.
11/09/2001 -- Energy prices jump with Russian support of OPEC
International energy prices shot up Thursday with growing evidence of determination among members of the Organization of Petroleum Exporting Countries to curb production. Markets got another boost early Friday when Russian Prime Minister Mikhail Kasyanov indicated that non-OPEC country will cut its oil exports, too.
11/09/2001 -- EIA reports US CO₂ emissions increased 3.1% in 2000
The US Energy Information Administration said the nation's estimated CO2 emissions grew 3.1% in 2000, but that was a percentage point below the 4.1% growth in Gross Domestic Product. The CO2 emissions, which were 83% of all US greenhouse gas emissions, rose to 1,583 million tonnes of carbon equivalent.
11/09/2001 -- Moody's downgrades Enron but not to junk bond status
Enron Corp.'s long-term bonds rallied Friday after Moody's didn't downgrade Enron's debt to junk status as some investor feared. Investors also appeared optimistic Dynegy Inc. would soon announce a deal to buy its cross town and much bigger rival. The companies confirmed Thursday they were in talks but no deal had been struck.
11/09/2001 -- OPEC chief urges change in energy tax philosophy
It's time for energy-consuming countries to reconsider their entire philosophy of energy taxation to ensure consistency in international trade, said the head of the Organization of Petroleum Exporting Countries at the Global Climate Change conference in Marrakesh.
11/09/2001 -- Saudi Arabia to boost electric power investment
Saudi Arabian government officials opened a $100 million power station in Jeddah, Saudi Arabia. The station is expected to ease pressure on the existing network, which was being subjected to such extreme demand during the summer that power cuts often occurred, Makkah Gov. Abdul Majeed said.
11/09/2001 -- Small world
When it comes to climate change policy, US energy executives worry. They fret over when or how the United Nations will enforce a treaty. They are anxious billion-dollar investments may not make sense if the rules keep changing. Yet even more distressing to them are states seeking mandatory carbon dioxide emissions in the absence of federal standards.
11/08/2001 -- NewPower reports losses, stock closes higher
National electricity marketer NewPower Holdings Inc., parent of New Power Co., said fourth quarter earnings will be reduced by $10-12 million because of delays in the Texas market. The company reported a third quarter net loss of $67.1 million, or $1.15/share, on $54.7 million in revenue, compared to a net loss of $69.9 million, or $2.96/share, on $18.2 million in revenue, for the comparable quarter last year.
11/08/2001 -- Enron, Dynegy confirm talks; Enron restates earnings
Houston energy marketers Enron Corp. and Dynegy Inc. confirmed published reports Thursday the two companies were in talks for a possible combination. Enron also revealed former chief financial officer Andrew Fastow received "in excess of $30 million" from his management and investment activities for an off-balance sheet partnership.
11/08/2001 -- Leasing proponents say ANWR lacks votes to override Senate filibuster
Supporters of a plan to lease the coastal plain in the Arctic National Wildlife Refuge still do not have the 60 votes needed to end a potential filibuster, a key Republican lawmaker conceded Thursday. Efforts to attach ANWR legislation to a pending economic stimulus package also are likely to fail.
11/07/2001 -- In about face, UtiliCorp offers to reacquire Aquila shares
In a surprise move, Kansas City, Mo.-based UtiliCorp United Inc. Wednesday said it would reacquire the 20% of energy trader and marketer Aquila Inc. it doesn't already own. Pres. Robert Green said the offer was made because of changes in the merchant energy sector and a 'precipitous' decline in the capital markets.
11/07/2001 -- Federal court voids $5 billion award against Exxon for Valdez spill
The Ninth Circuit Federal Court of Appeals Wednesday voided a $5 billion punitive damage award against ExxonMobil Corp. for the 1989 Exxon Valdez oil spills. It said the amount was too high in light of recent US Supreme Court decisions governing such awards.
11/07/2001 -- El Paso execs explain off-balance sheet transactions
El Paso Corp. executives Wednesday disclosed the company formed a new off-balance sheet entity last week called Gemstone. Off-balance sheet transactions have come under the spotlight ever since Enron Corp. revealed last month that it wrote down shareholder equity by $1.2 billion in the third quarter. The equity write-down was linked to the off-balance transactions.
11/07/2001 -- Market watch: International energy futures prices continue to fall
Energy futures prices continued their dive in international markets Tuesday. The December contract for benchmark US crudes dropped 10¢ to $19.92/bbl on the New York Mercantile Exchange -- the lowest level since July 1999 when the market was rebounding from even lower levels in 1998.
11/06/2001 -- Enron share price closes in single digits
Shares of embattled Enron Corp. slid 13% Tuesday, closing down at $9.67. Fitch Inc. downgraded the company's credit ratings Monday to BBB-, a notch above junk bond status and left the company on ratings watch with negative implications.
11/06/2001 -- Market watch: International oil prices plumb new 2-year lows
Oil futures prices continued falling to new 2-year lows in international markets as traders ignored threats of both production cuts and price wars by members of the Organization of Petroleum Exporting Countries.
11/05/2001 -- EPA urges DOE to reconsider weakening air conditioner standard
The US Environmental Protection Agency urged the Department of Energy to reconsider a proposal to weaken Clinton administration energy efficiency standards for residential central air conditioners and heat pumps. Higher electricity costs weren't considered in the Energy Department calculations, EPA said.
11/05/2001 -- Third party audit confirms Texas congestion charges
The Texas grid operator said auditors confirmed the calculations and allocation of certain transmission congestion charges, which market participants complained were 'excessive.' Systemwide, congestion charges have reached about $90 million since the market opened July 31, according to testimony at a legislative hearing Friday in Austin.
11/05/2001 -- Enron serves notice on Indian power plant
Enron Corp.'s Indian Dabhol Power unit Monday said it served an asset transfer notice with the Maharashtra State Electricity Board, its sole customer, the first formal step in the company's exit from the disputed $2.3 billion project.

Home

General Interest

Exploration & Development

Drilling & Production

Processing

Transportation

Home

2001

General Interest 2001 P