3rd quarter 07 earnings slide on high costs, low margins
The collective third-quarter earnings for a sample of US-based oil and gas producers and refiners declined from earnings a year earlier, softened by lower production volumes and weak downstream margins.
Reworked energy bill passes House, stalls in Senate
US Congressional Democrats passed a reworked energy bill in the House by 235 to 181 votes on Dec. 6, only to see the measure stall in the Senate the following day.
WATCHING GOVERNMENT: Preparing for 2008
Marc W. Smith arrived in Washington, DC, from Denver for his latest visit on Dec. 3 as the US House leadership announced its latest energy legislation.
Global E&P spending forecast to rise 11% in 2008
Global capital expenditures for exploration and production companies are expected to increase 11% to $332 billion in 2008, according to the latest spending survey released Dec. 10 by Lehman Bros.
Newfield hails Woodford fracs, longer laterals
Longer horizontal laterals in Devonian Woodford shale appear to be improving estimated ultimate recoveries in the Arkoma basin in southeastern Oklahoma, said Newfield Exploration Co., Houston.
WATCHING THE WORLD: Chavez woos Galp
Venezuelan President Hugo Chavez recently stopped in Portugal and offered to become a main supplier of oil and gas to the small Iberian Peninsula nation.
Ghawar field reserves decline overstated, survey says
Concerns about global oil peaking due to declining reserves at Saudi Aramco’s Ghawar oil field may be overstated, according to Bernstein Research commenting on the results of a recent satellite survey.
Action needed to meet climate change challenge
Oil and gas companies and other energy producers are being looked to for assistance in finding a solution to the climate change problem, an energy expert said at the United Nations Climate Change Conference in Bali.
China calls for oil worker safety in Sudan, Ethiopia
The Chinese government has called for the safety of its oil workers in two African countries, citing the dangers to operations posed by antigovernment rebels in Sudan and Ethiopia.
COMPANY NEWS: Chevron, Canadian firms report 2008 spending plans
One US major and two Canadian exploration and production companies have recently reported their preliminary capital spending plans for 2008.