The Oil Daily back issues from January 1996:
OPEC savors higher year-end price; rising output may be bearish for '96.(Organization of Petroleum Exporting Countries)
Jan 02, 1996; ... OPEC ended 1995 on a surprisingly upbeat note, with crude prices about $1.70/bbl higher than year-earlier levels, despite the group's hefty overproduction in the final month of the year.OPEC for now can relish higher prices, which analysts are largely attributing to chilly winter ...
West Coast changes may boost MTBE, wipe out ethanol sales.
Jan 02, 1996; ... West Coast states are headed for changes next year that likely will eliminate most or all ethanol sales there while boosting use of methyl tertiary butyl ether (MTBE) in gasoline, observers say.In Washington and Oregon, marketers in several of the most populous areas hope to see ...
SEC proposes rules for disclosure of derivatives holdings.(Securities and Exchange Commission)
Jan 02, 1996; ... The Securities and Exchange Commission (SEC) last week issued its proposal requiring firms to detail their derivatives holdings and specify possible losses under different market conditions.News that SEC was mulling such a plan was leaked about a month ago.The proposal ...
Crude inventories fall as imports decline; Northeast heating oil stocks sink, API says.(American Petroleum Institute report for week ending December 22, 1995)
Jan 02, 1996; ... Despite declining refinery utilization rates, crude inventories last week were drawn down modestly as import volumes fell off for the fifth straight week, according to the weekly report from the American Petroleum Institute (API).Crude stocks for the week ended Dec. 22 dropped 4.36 ...
Vitol leads pack as RFG shipments to U.S. drop off.(reformulated gasoline)
Jan 02, 1996 ... Several companies simply forgot about importing reformulated gasoline (RFG) in recent months as slumping prices joined with regulatory headaches to discourage shipments.International trader Vitol S.A., operating its refinery at Come-by- Chance, Newfoundland, topped the list of ...
Inventory figures keep crude steady; liquidation pushes heating oil lower.(futures trading for December 29, 1995)
Jan 02, 1996; ... Bullish inventory figures supported crude prices Friday, overcoming a sharp drop in heating oil prices and pressure from speculators with long positions in heating oil futures contracts who rushed to liquidate and collect their profits.The February crude contract on the New York ...
Amerada sells Prudhoe Bay interest to BP; proceeds to go towards cutting company debt.(Amerada Hess Corp., BP Exploration Company Ltd.)
Jan 02, 1996; ... Amerada Hess Corp. has agreed to sell its 0.5% interest in Alaska's Prudhoe Bay to BP Exploration Co.The deal was slated to close Friday."Prudhoe Bay is a key area for BP, but not a big area for us," an Amerada Hess source said.He said Amerada's share of ...
Kyrgoil enters agreement.(contract with Kyrgyzneft)
Jan 02, 1996 ... Kyrgoil Corp. of Calgary said it has signed an agreement with the Kyrgyz Republic and Kyrgyzstan national oil company Kyrgyzneft that gives it exclusive rights to rework existing wells and drill new ones.The deal, which includes tax incentives, also gives Kyrgoil the right to build ...
GED Gas sells segment.(GED Gas Services L.L.C. gas marketing divesture)
Jan 02, 1996 ... Tulsa-based Unit Corp. said last week that the owners of GED Gas Services LLC have sold the natural gas marketing portion of the company for an undisclosed sum to InterCoast subsidiary GED Energy ...
Pemex sets 1996 production.(Petroleos Mexicanos)
Jan 02, 1996 ... State oil monopoly Petroleos Mexicanos (Pemex) said last week that crude production levels had reached 2.8 million b/d as of Dec. 26.Pemex said in a release that it expected crude production to rise to 2.835 million b/d on the final day of 1995. Those figures would represent an ...
Amoco to sell Crestar shares.(Amoco Canada Petroleum Company Ltd., Crestar Energy Inc.)
Jan 02, 1996 ... Amoco Corp. unit Amoco Canada Petroleum Co. Ltd. said it plans to sell its remaining 7 million shares of Crestar Energy Inc. after Thursday.Amoco Canada agreed to sell its 50% stake in Crestar by the end of 1998 as part of commitments made to Canadian regulator Investment Canada ...
GOP revolutionaries fail to win resounding cheers from oil patch. (oil industry gives Republican revolutionaries little credit)
Jan 03, 1996; ... The Republican revolutionaries who stormed so aggressively into town one year ago are by and large failing to get an ovation from the oil patch -- and are being given only partial credit for the few industry-specific wins of 1995.When asked what Republican lawmakers have given the ...
King Fahd settles Saudi succession, handing reins to Prince Abdullah. (Saudi Arabia)
Jan 03, 1996; ... A decree from Saudi Arabia's King Fahd turning over the reins of leadership to Crown Prince Abdullah bin Abdul-Aziz al-Saud at last puts the issue of the Saudi succession to rest.Oil markets barely blinked on the news when they opened after the long New Year holiday, despite the ...
Crude oil prices seen heading lower in 1996 as non-OPEC producers pile on the pressure. (Organization of Petroleum Exporting Countries)
Jan 03, 1996; ... The end-1995 winter rally in crude and refined product prices is likely to prove fleeting, with industry experts predicting weaker - - rather than stronger -- oil markets in 1996, according to a survey of analysts by The Oil Daily.Average crude prices this year are expected to be ...
Mexico replaces energy minister while Pemex steams ahead.
Jan 03, 1996; ... Mexico has replaced its energy minister, but its energy-sector growth and privatization plans still are on course to produce an even bigger harvest this year than they did in 1995.The new energy chief is Jesus Reyes Heroles, an economist with experience in both the finance and ...
Hondo trading halts as exchange awaits more information about Colombian operations. (American Stock Exchange halts trading of Hondo Oil & Gs Co. shares)
Jan 03, 1996; ... Trading of Hondo Oil & Gas Co. shares on the American Stock Exchange (Amex) was halted Tuesday pending the release of further details regarding the company's operations in Colombia.In releasing its fiscal 1995 results, Hondo yesterday announced that two projects in Colombia have ...
Crude soars to new 6-month high as plant outages boost products. (crude petroleum prices rise)
Jan 03, 1996; ... Oil markets kicked off the new year with a bang when trading resumed Tuesday after the long holiday weekend. Technical strength, combined with news of a major refinery shutdown, sent crude and products futures soaring to a six-month high on the New York Mercantile Exchange (Nymex). ...
Service companies reap big benefit as oil, gas firms contract work outside.
Jan 03, 1996; ... The cost-cutting frenzy that has led to huge layoffs at many oil and gas firms has proved a boon to service companies.Firms involved in providing operational and financial services have reaped the benefit as oil companies -- under pressure to cut costs since the oil price crash of ...
Tosco says Marcus Hook refinery to close for sale after talks with union break down. (Tosco Corp. to acquire Marcus Hook, Pennsylvania refinery from BP Oil Co.)
Jan 03, 1996; ... The 190,000 b/d Marcus Hook, Pa., refinery of BP Oil Co. will be shut down and sold to Tosco Corp. at the end of January, according to Tosco.What had started as a warning to pave the way for staff cuts will become a reality because talks with union officials failed, Tosco indicated ...
GPM Gas buys Enron firms. (Enron Anadarko Gathering Corp., Transwestern Anadarko Gathering Corp.)
Jan 03, 1996 ... GPM Gas Corp. completed its New Year's Eve acquisition of two gas- gathering subsidiaries of Enron Corp., officials said Tuesday.Terms of the acquisition of Enron Anadarko Gathering Corp. and Transwestern Anadarko Gathering Corp. were not disclosed. ...
Panhandle gets new name. (Panhandle Eastern Corp. to be called PanEnergy Corp.)
Jan 03, 1996 ... Panhandle Eastern Corp. began doing business Tuesday as PanEnergy Corp. and said it will ask shareholders to approve the name change at its 1996 annual meeting.The company said the new ...
Williams to buy Kern River. (Williams Companies Inc. to buy 50% interest in Kern River gas pipeline system from Tenneco Energy)
Jan 03, 1996 ... Williams Cos. Inc. and Tenneco Energy announced Tuesday that a binding agreement was executed Dec. 31, 1995, to sell Tenneco's 50% interest in the Kern River natural gas pipeline system to Williams for $205 million.The sale is subject to approval by the ...
Amoco caps Canada well. (Amoco Canada Petroleum Ltd. caps damaged oil well)
Jan 03, 1996 ... Amoco Canada Petroleum Ltd. has managed to cap a central Alberta oil well that had been spewing out of control for 10 days.The well was capped on Dec. 31 by Amoco specialists who removed a ...
EOTT, Amerada close deal. (EOTT Energy Partners L.P. to acquire assets from Amerada Hess Corp.)
Jan 03, 1996 ... EOTT Energy Partners L.P. of Houston has closed a previously announced transaction with Amerada Hess Corp. to acquire a 265 mile crude oil gathering system and a 349-mile common carrier pipeline for $54 ...
Arch launches takeover. (Arch Petroleum Inc. to make takeover bid for Trax Petroleum Ltd.)
Jan 03, 1996 ... U.S. independent oil and gas company Arch Petroleum Inc. is set to launch a takeover bid for Trax Petroleum Ltd., a Calgary-based oil and gas exploration and development company, the companies said in a press release Tuesday.According to an agreement between the firms, an Arch unit ...
National to buy Alexander. (Alexander Energy Corp., National Energy Group Inc.)
Jan 03, 1996 ... Alexander Energy Corp. and National Energy Group Inc. signed a letter of intent under which National Energy would acquire Alexander for about $129 million. The deal includes the assumption of $48 million in debt.National Energy said Alexander shareholders would receive 1.8 ...
Mobil to lay off 500 staff from E&P unit. (Mobil Exploration & Producing U.S. Inc.)
Jan 03, 1996 ... Mobil Corp. on Tuesday said its exploration and production unit plans to lay off about 500 employees.The restructuring of Mobil Exploration & Producing U.S. Inc., which has about 3,300 employees, will lead to 30 layoffs at U.S.-based Mobil Drilling.The changes are ...
European-U.S. group fights tougher moves against Iran, Libya.(European-American Chamber of Commerce)
Jan 04, 1996; ... An organization representing U.S. and European companies has stepped into the increasingly contentious legislative and political debate on tightening the screws on Iran and Libya.The European-American Chamber of Commerce (EACC), which represents 80 U.S. and European businesses -- ...
Phillips' rebate from IRS tax dispute likely to top $100 million, analysts say.(Phillips Petroleum Co.)
Jan 04, 1996; ... Phillips Petroleum Co. stands to get a hefty rebate if a long- running tax dispute with the Internal Revenue Service (IRS) is settled by midyear, sources said.The legal battle -- which concerns its Alaska liquefied natural gas (LNG) plant -- was discussed by Phillips Chief ...
Russia's production-sharing law prescribes bitter pill for Western companies to swallow.
Jan 04, 1996; ... Ending a wait of more than 18 months for foreign oil companies, President Boris Yeltsin finally put his signature to the Law on Production Sharing Agreements (PSAs) on Dec. 31.The final version, however, may still be a bitter pill for oil companies to swallow.Analysts ...
Canadian oil and gas stocks enter New Year on skyrocket.(1996)
Jan 04, 1996 ... Canadian oil and gas stocks blasted into 1996 with a vengeance and a bright commodity price picture is expected to keep fueling the momentum."The [oil and gas] index is up about 50 points already and it's moving up every day. I think it's got a long way to go yet," said Peter ...
Saudis raise February crude prices to U.S.; European heavy/light spread narrows.(Saudi Arabian crude oil prices)
Jan 04, 1996; ... Saudi Arabia has hiked its February term crude prices to the United States for the second month in a row, in a move that sources said was expected in light of recent price strength.Prices for Arab Light and Arab Medium grades f.o.b. the Saudi port of Ras Tanura were increased 20 ...
Texaco sells off heating oil segment in Northeast states.
Jan 04, 1996; ... With a series of asset sales over the past few weeks, Texaco Inc. has quit the home heating oil business in the U.S. Northeast.The divestitures, representing some 25 million to 30 million gallons in annual sales, increase the influence of Northeastern independents, who have been ...
Prices move higher as Mexican ports close, interrupting 1.3 million b/d in crude exports.(futures trading on January 3, 1995)
Jan 04, 1996; ... Weather-related port closures along the Mexican coast of the Gulf of Mexico sparked crude prices to bounce off their daily lows and continue a rally that may take the front-month contract through $20/bbl, sources said.The February crude contract on the New York Mercantile Exchange ...
Ultramar produces new RFG.(reformulated gasoline meeting California standards)
Jan 04, 1996 ... Ultramar Inc.'s Wilmington refinery produced about 2 million gallons of California reformulated gasoline (RFG) in December, the company said Wednesday.That makes Long Beach, Calif.-based Ultramar the first refiner in California to successfully ...
Amoco, Phillips, Gabon sign.(Amoco Gabon B.V., Phillips Petroleum Gabon Ltd. offshore exploration contract)
Jan 04, 1996 ... Amoco Gabon B.V., Phillips Petroleum Gabon Ltd. and Republic of Gabon have signed an exploration and production-sharing contract for the Gryphon Marin Block, encompassing about 2.4 million acres offshore southern Gabon. ...
Retail gas prices fall.(natural gas prices report by American Gas Association)
Jan 04, 1996 ... The average price of natural gas to all classes of customers has gone down more than the wellhead price during the past 10 years, according to a new study from the American Gas Association (AGA).While some classes of customer have seen larger price reductions than others, all gas ...
PEI eyes Argentine deal.(Pacific Enterprises International, investment in gas utilities)
Jan 04, 1996 ... Pacific Enterprises International (PEI), wholly owned subsidiary of Pacific Enterprises, has entered into a nonbinding memorandum of understanding to acquire a 12.5% interest in two Argentine natural gas utility holding companies.A decision on the purchase, which would cost $47 ...
NJR completes sale.(New Jersey Resources Corp., petroleum and natural gas assets)
Jan 04, 1996 ... New Jersey Resources Corp. (NJR) has completed the sale of its real estate, oil and natural gas assets for more than $44 million.The utility holding company said the transactions, combined with its sale of real estate assets in November, increase its total cash gains from ...
Mesa expects record gains.(futures trading gains, natural gas sales)
Jan 04, 1996 ... Mesa Inc. expects to post more than $30 million in gains from energy futures trading in 1995, a record for the company, it announced Tuesday.Mesa also said it has sold all 43 MMcf of natural gas production expected from the U.S. Gulf in January for $3.10/Mcf, the most Mesa ...
Aquila completes pipeline extension.(Aquila Gas Pipeline Corp., gas gathering system in Texas)
Jan 04, 1996 ... Aquila Gas Pipeline Corp. completed a 25-mile extension connecting its gas-gathering facilities in Grimes and Washington counties, Texas, to its Katy Pipeline.The 24-inch-diameter Southern Extension will provide an additional 225 MMcfd of gas-gathering capacity along with ...
Oilex finalizes purchase. (Oilex International Investments Inc. acquisition of Atlantic Richfield Co. assets in West Virginia)
Jan 04, 1996 ... Oilex International Investments Inc. has finalized its acquisition of all deeded oil and gas mineral rights to 83,751 acres in Greenbriar and Pocahontas counties, W.Va.The acreage block is on the western flank of the Eastern Overthrust Belt, with primary oil and gas objectives in ...
Hedging cuts Apache profit.(fourth quarter 1995)
Jan 04, 1996 ... Apache Corp. said its fourth-quarter profits will be cut by $6 million (or 8 cents/share) because cash prices for natural gas did not follow the dramatic rise in futures prices, which undermined the value of the company's hedges against the value of production.Futures ...
Williams placed on review.(Williams Companies Inc., Moody's Investors Service)
Jan 04, 1996 ... Moody's Investors Service placed the securities ratings of Williams Cos. Inc. and its subsidiaries on review for possible downgrade in light of its agreement to acquire the remaining 50% interest in the Kern River natural gas pipeline from Tenneco Energy.The review affects about ...
Seitel finishes offering.(private offering of senior notes)
Jan 04, 1996 ... Seitel Inc. announced Tuesday it completed a private offering to institutional investors of unsecured senior notes totaling $75 million.The offering received an investment grade rating of triple-B from Duff and Phelps Credit Rating Co.Seitel issued the senior notes in ...
Moody's rates Tejas Gas.(Moody's Investors Service)
Jan 04, 1996 ... Moody's Investors Service assigned a rating of Ba1 to the $455 million revolving credit facility of Tejas Gas Corp.'s operating subsidiary Tejas-Arcadia Holdings Co.Moody's also confirmed its b1 ratings of Tejas Gas Corp.'s $50 million of 9.96% cumulative preferred stock and $65 ...
DCR reviews Kern deal.(Duff and Phelps Credit Rating Co., Williams Companies Inc. acquisition of Kern River Gas Transmission Co.)
Jan 04, 1996 ... Duff & Phelps Credit Rating Co. (DCR) said it is reviewing Williams Cos. Inc.'s purchase of Tenneco Energy's half interest in the Kern River natural gas pipeline.DCR will evaluate the $205 million purchase price, funded initially under Williams' bank revolving credit line. ...
Government shutdown starts to take bit from Gulf operations.(offshore oil production in Gulf of Mexico)
Jan 05, 1996; ... As the government shutdown enters its 21st day today, reports of its impact have begun arriving from the offshore oil and natural gas fields in the Gulf of Mexico.Companies reported that their inability to obtain permits from the Minerals Management Service's (MMS) Gulf of Mexico ...
GAO delivers ammunition on O'Leary with report on DOE travel expenses.(General Accounting Office, Energy Secretary Hazel O'Leary)
Jan 05, 1996; ... Energy Secretary Hazel R. O'Leary's credibility on Capitol Hill took another hit Thursday with the release of a government report showing that her department has failed to account for a large sum of expenses related to two separate trade missions.Sloppy accounting at the Department ...
Chevron to take $800 million write-down to earnings to comply with accounting rule.
Jan 05, 1996; ... Chevron Corp. said its fourth-quarter earnings will be slashed by $800 million to comply with a new accounting rule and to account for some obsolete refining assets.Chevron's after-tax charge is the largest to date among the major oil companies that have adopted Financial ...
EIA: East, Gulf Coast refiners failed to recover RFG costs.(Energy Information Administration, reformulated gasoline)
Jan 05, 1996; ... Refiners on the East and Gulf coasts typically failed to recover the full costs of reformulated gasoline (RFG) in the market last year, according to an analysis by the Energy Information Administration (EIA)."Refiners in PADDs I and III would have done better making conventional ...
Irving Oil refinery imposing broad boycott on striking employees, union official says.(St. John, New Brunswick refinery allegedly enforcing black listing of striking workers among area employers)
Jan 05, 1996 ... The union at the Irving Oil refinery says the company is blacklisting strikers from finding jobs by telling other employers not to hire them.However, the company denies the allegation."This is not the kind of action Irving Oil condones or participates in," refinery ...
Crude inventories dive as refinery runs rise, API statistics show.(American Petroleum Institute)
Jan 05, 1996; ... Crude inventories last week were drawn down sharply as refinery utilization increased for the first time in a month, according to a weekly report from the American Petroleum Institute (API).Crude stocks for the week ended Dec. 29 sank 11.40 million bbl to 303.35 million bbl, as ...
Crude price makes only mild gains as traders discount big stock draw.
Jan 05, 1996; ... The market, largely dismissing sharp draws in crude inventories last week as part of a year-end tax strategy, saw crude futures prices rise only modestly on supply-related gains in gasoline prices, sources said.The February crude contract on the New York Mercantile Exchange (Nymex) ...
Tuboscope Vetco to acquire Drexel Oilfield in complicated stock trade/sale agreement.(Tuboscope Vetco International Corp., Drexel Oil Field Services Ltd.)
Jan 05, 1996; ... Tuboscope Vetco International Corp. has agreed to acquire privately held Drexel Oilfield Services Ltd. through a complicated arrangement involving the trade and sale of Tuboscope stock, officials said Thursday.Houston-based Tuboscope will trade about 16.7 million shares of its ...
House fails to override veto of Interior bill.(vetoes of Department of Interior appropriations bill and bill giving Department of Energy authority to sell Strategic Petroleum Reserves oil are upheld)
Jan 05, 1996 ... House Republicans failed Thursday for the third time in two days to override one of President Clinton's vetoes, this time on a bill paying for the Department of Energy's (DOE) fossil energy programs and improvements at the Elk Hills Naval Petroleum Reserve (NPR).The $12 billion ...
Award may be delayed.(Vietnam's award of oil exploration block near Vung Tau)
Jan 05, 1996 ... Oil prospectors awaiting Vietnam's verdict on a promising exploration block may have to wait a little longer, industry sources say.In mid-1995 Vietnam culled the bidders on an exploration area near Vung Tau called Block 15-01 to a short list of four consortiums led by Exxon Corp ....
Parallel completes 4 wells.(in Jackson County, TX)(Parallel Petroleum Corp.)
Jan 05, 1996 ... Parallel Petroleum Corp. announced it has participated in the drilling of four discovery wells in Jackson County, onshore the Texas Gulf Coast.Three of the wells were completed in the Frio gas sand at depths ranging from 2,660 to 4,600 ...
Pursue completes purchase.(Pursue Energy Corp. buys gas assets from Shell Western E and P Inc.)
Jan 05, 1996 ... Pursue Energy Corp., a related company of Petro-Hunt Corp., has completed the purchase of the Thomasville field area and related facilities from Shell Western E&P Inc., Pursue said in a news release.The properties acquired includes the ...
Magnum completes deal.(Magnum Petroleum Inc. acquires subsidiaries of Hunter Resources Inc.)
Jan 05, 1996 ... Magnum Petroleum Inc. has completed the acquisition of the various subsidiaries of Hunter Resources Inc. under a revised definitive agreement executed by voting shareholders owning more than 50% of the outstanding shares of Hunter.Magnum also announced it is moving its headquarters ...
Apache replaces production.(finishes 1995 with 420 million barrels of oil equivalent)
Jan 05, 1996 ... Apache Corp. replaced 376% of its 1995 production based on preliminary estimates, ending the year with reserves in excess of 420 million bbl of oil equivalent, it ...
Benton appoints Wray.(Benton Oil and Gas Co. names Michael B. Wray as president/chief financial officer)
Jan 05, 1996 ... Benton Oil and Gas Co. on Thursday announced that Michael B. Wray has been appointed president and chief financial officer.Wray has served as a director of the company since November ...
Gas in storage declines.(to 2.118 trillion cubic feet for week ending Dec 29, 1995)
Jan 05, 1996 ... Total U.S. working gas in storage for the week ended Dec. 29 was 2.118 Tcf, down 160 Bcf from 2.278 Tcf a week earlier, according to the American Gas Association.Storage was 66% full nationwide.In the producing region, ...
Explorer plans hike in pipeline capacity into U.S. midcontinent.(Explorer Pipeline Co. to increase capacity of its mid-continent oil products pipeline by 10,000 barrels per day)
Jan 05, 1996; ... In response to increased shipping demand, Explorer Pipeline Co. plans to boost capacity along its Midcontinent products pipeline by 10,000 b/d.The capacity hike on the products carrier running from Port Arthur, Texas, to Tulsa, Okla., is set for May 1, the company said late ...
Industry sees hope in changes planned for asessment rule.
Jan 08, 1996; ... WASHINGTON -- Oil industry representatives are encouraged by a final agency rule issued Friday establishing rules for assessing damage to natural resources from oil spills, but are keeping one eye on the 90- day window for appealing the rule in court, industry sources said.The ...