Refining company Premcor Inc. reported a fourth quarter 2001 net loss of $44.5 million on operating revenue of $1.2 billion. For the fourth quarter 2000, Premcor reported net profit of $18.3 million on operating revenue of $2 billion. For the year 2001, Premcor reported net profit of $142.6 million on operating revenue of $6.4 billion, compared with 2000 net profit of $80.1 million on revenue of $7.3 billion.
Drilling company Grey Wolf Inc. reported fourth quarter 2001 net income of $9 million on $86.3 million in revenue, compared with fourth quarter 2000's net income of $5 million on revenue of $82.3 million. For 2001, net income was $68.5 million on revenue of $421.5 million, compared with 2000's net loss of $8.5 million on revenue of $269.3 million.
The US Department of Energy has selected Royal Dutch/Shell Group-Saudi Aramco joint venture Equiva to deliver 18.6 million bbl of crude to the Strategic Petroleum Reserve to replace an equivalent amount of royalty in kind oil. Equiva will begin taking royalty oil Apr. 1. All deliveries are expected to be completed by May 2003. The contract with Equiva is the first of several anticipated exchanges of royalty oil that are expected to fill the SPR to capacity as early as 2005.
Russian company OAO Lukoil said its net income, calculated under US generally accepted accounted principles, for the 9 months ended Sept. 30 amounted to $1.9 billion (US) on revenue of $10.6 billion. For the same period in 2000, Lukoil declared net income of $2.5 billion on revenue of $9.8 billion.
Black Warrior Wireline Corp., Columbus, Miss., has acquired Big Gun Perforating Inc., Gloster, La. Big Gun Perforating will be expanded to offer tubing conveyed perforating services to Black Warrior's existing onshore and offshore customer base. Financial terms were not disclosed.
