US company second quarter, first half earnings dwindle
Lower oil and gas prices coupled with weak refining margins to shrink the earnings of many US oil and gas companies during the second quarter. Oil and gas prices were stronger than during the first 3 months but still below prices posted during the second quarter of last year.
Lower oil and gas prices, weak margins trim Canadian firms' earnings
Reduced oil and gas price realizations affected financial results of oil and gas firms based in Canada, while rising feedstock costs squeezed refining margins.
STAR partners save $126 million via gas emissions cuts
Industry participants in the US Environmental Protection Agency's Natural Gas STAR program reduced methane emissions from equipment leaks and unit operations by 42 bcf in 2001, saving about $126 million, EPA said.
Watching Government: Increasing access
Congress is expected to resume negotiations on a sweeping energy bill this month. On the table are well-publicized items of interest to industry.
Greenhouse gas emissions trading future deemed robust
The emerging greenhouse gas (GHG) emissions market is anticipated to have a robust future, with participants expecting prices to average slightly more than $5/tonne of CO2 equivalent (CO2e) until 2005, before the Kyoto Protocol on Climate Change-yet to be ratified by all countries-takes full effect.
Deepwater testing center proposed off French Riviera
A project to establish a deepwater facilities testing center off Toulon on the French Riviera should be ready for submission to possible financial partners within the next 2 months.
Yergin: US energy security lies in diversified supply
The US will focus more on Eurasia, West Africa, and Latin America to diversify its oil supply sources and bolster energy security in the face of increasing imports and rising Middle East tensions, contends Daniel Yergin.
COMPANY NEWS: Pure evaluates Unocal offer to acquire outstanding shares
Pure Resources Inc. reported late last month it wants a special committee of independent directors to evaluate a stock-swap acquisition offer from Union Oil Co. of California, a unit of Unocal Corp. New York-based Fitch Ratings valued the offer at slightly more than $400 million.
Apache, Williams exchange charges in gas gathering dispute
Apache Corp., Houston, and Williams Cos. Inc., Tulsa, exchanged swipes concerning a nearly year-old dispute over Williams's attempt to transfer ownership of a gas gathering system in South Texas from a subsidiary regulated by the US Federal Energy Regulatory Commission to an unregulated affiliate.
PERSONNEL MOVES AND PROMOTIONS: SPE's gulf coast section elects chairman for 2002-03
James Pappas has been elected to serve as chairman for the Society of Petroleum Engineers, Gulf Coast Section, for 2002-03.