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General Interest 2002 P8

  • Wed Feb 06 15:02:00 CST 2002 -- ChevronTexaco cuts 2002 capital spending 22% to $9.4 billion
    ChevronTexaco Corp. plans a $9.4 billion capital and exploratory spending program for 2002, including $1.6 billion in non-cash affiliates' expenditures. That is 22% lower than 2001 spending. Adjusting for acquisitions, divestitures, and lease buy-backs, 2002 spending is down 9%.
  • Tue Feb 12 11:02:00 CST 2002 -- BP's profits plunge 46% in fourth quarter, pushing 2001 results lower
    BP PLC Tuesday said its fourth quarter profits were badly hit by the falling world oil price, plunging 46% to $2.2 billion, but the company has more oil and gas development opportunities than it can undertake.
  • Mon Feb 18 14:02:00 CST 2002 -- Banks, reserves buyers concur on future oil, gas prices
    For the second consecutive quarter, there is consensus on near and midterm expectations for oil and natural gas prices between Houston energy banks and the active middle market of those companies acquiring reserves.
  • Wed Feb 27 22:02:00 CST 2002 -- Key Senate Democrat endorses southern route for Alaska gas pipeline
    Senate Majority Leader Tom Daschle (D-SD) Wednesday said he wants to direct North Slope producers and pipeline companies to build an arctic gas line paralleling the oil pipeline to Fairbanks and then the Alaska Highway to British Columbia. He also favors a guaranteed natural gas floor price for producers to make the pipeline project more attractive to industry when market prices are low.
  • Mon Feb 25 11:02:00 CST 2002 -- H&P to spin off oil and gas division, then merge it with Key Production
    Tulsa-based contract drilling and service company Helmerich & Payne Inc. said Monday it would spin off its oil and gas division as a separate public firm to be called Cimarex Energy Co., which will in turn acquire Key Production Co. of Denver.
  • Fri Feb 01 10:02:00 CST 2002 -- Marathon increases capital spending to $1.8 billion for 2002
    Marathon Oil Corp. said Friday its 2002 capital budget is $1.8 billion, up 3% from the $1.73 billion spent in 2001, excluding acquisitions.
  • Fri Feb 08 10:02:00 CST 2002 -- Agip to acquire stake in Mikkel field, has option to acquire stake in Tyrihans
    Italian company Agip SPA agreed to acquire 7.9% of Mikkel field in the Norwegian Sea from Statoil ASA. The deal also includes an option to acquire 7.9% of the nearby Tyrihans field.
  • Wed Feb 13 13:02:00 CST 2002 -- Shell, Saudi Refining complete $3.86 billion acquisition of Texaco JVs
    Shell Oil Co. and Saudi Refining Inc. have completed the $3.86 billion acquisition of Texaco Inc.'s interests in Equilon Enterprises LLC and Motiva Enterprises LLC.
  • Mon Feb 11 14:02:00 CST 2002 -- Anadarko plans Canadian capital spending this year of $270 million
    Anadarko Petroleum Corp., Houston, plans 2002 Canadian capital spending of $270 million (US). Nearly a third of the budget is earmarked for exploration in Northeast British Columbia, Central and Northern Alberta (the Deep basin), and the southern Northwest Territories.
  • Thu Feb 07 09:02:00 CST 2002 -- Exploration/Development news briefs, Feb. 7
    MMS ... Woodside Energy ... BP ... Gulf of Suez Petroleum ... Petroleum Geo-Services ... First Calgary Petroleums ... Entreprise Nationale de Geophysique ... Petroleum Agency ... Magnum Hunter Resources ... Southwestern Energy ... Swift Energy New Zealand
  • Wed Feb 13 10:02:00 CST 2002 -- Apache finds another Lower Cretaceous Flag oil field off Australia
    Apache Corp. has a discovery in the Carnarvon basin off Western Australia. Apache said this is its fourth commercial find there in the last year.
  • Thu Feb 14 14:02:00 CST 2002 -- Utility executives praise stability, rein in growth expectations
    Utility business strategy has changed in less than a year to reflect a new interest in cash flow, sustainable earnings, and more modest growth rates, utility executives said Thursday at the Cambridge Energy Research Associates conference.
  • Mon Feb 04 11:02:00 CST 2002 -- Williams to sell more assets as stock continues to trade down
    After a sharp sell off, Williams Cos. Inc. Monday tried to shore up investor confidence with a plan to sell more assets, including a petroleum products pipeline and on-system terminals. Jon Cartwright, bond analyst with Raymond James & Associates, said the market is increasingly skeptical of confusing financial statements.
  • Thu Feb 07 11:02:00 CST 2002 -- Lawsuits allege Williams violated US securities laws
    Pipeline operator and energy trader Williams Cos. Inc., which recently delayed its 2001 fourth quarter and year-end financial statement, has been named in numerous lawsuits alleging violations of US securities laws. Williams said the lawsuits were without merit and the company will "vigorously defend" itself.
  • Tue Feb 12 16:02:00 CST 2002 -- Utility executives differ over power generation fuel of choice
    Energy executives touted gas, coal, and nuclear as the fuel choices of the future for power generation and downplayed renewable resources Tuesday at UBS Warburg's global energy and utilities conference in New York.
  • Mon Feb 11 13:02:00 CST 2002 -- Enron's former trading group back as UBS Warburg Energy
    The former trading business of Enron Corp., shut down since early December, is up and running again under the name of UBS Warburg Energy. Financial gas and power trading is taking place but no physical products are traded yet, the company said.
  • Thu Feb 07 09:02:00 CST 2002 -- Drilling/Production news briefs, Feb. 7
    Petrobras ... Aker Maritime ... Transocean Sedco Forex ... Triton Equatorial Guinea ... Reliance Industries ... Statoil ... Smedvig ... Marathon Oil ... Conoco ... Honeywell Industry Solutions ... Hitech Drilling Services India ... Prosafe
  • Thu Jan 31 14:01:00 CST 2002 -- Work on West African gas pipeline grid to begin next year
    The Economic Community of West African States has said work will begin in 2003 on the long-awaited West African Gas Pipeline.
  • Wed Jan 02 08:01:00 CST 2002 -- Santos quits postponed Papua New Guinea gas pipeline project
    Santos Ltd. has quit a $3.5 billion pipeline project to move Papua New Guinea natural gas to Australia. Other partners were negotiating terms under which they would build the postponed 3,200 km pipeline.
  • Tue Jan 15 15:01:00 CST 2002 -- Navajo completes products terminal expansion in New Mexico
    Holly Corp. subsidiary Navajo Refining Co. LP has completed the expansion of its petroleum products terminal at Moriarty, NM. The expansion added gasoline and jet fuel to existing diesel fuel delivery capabilities.
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