The Oil Daily back issues from February 1999:
ENERGY TODAY.
Feb 01, 1999 ... Upstream Outlook -- For U.S. oil producers, the first half of 1999 looks to be shaping up as a repeat of last year -- only worse. Data trickling out from states show that output last year fell more steeply than national figures would indicate -- a trend likely to continue this year. And ...
Oil Reserve Purchases Sag in Buyers' Market.
Feb 01, 1999; ... By Paul Merolli Oil reserve acquisitions in the United States dried up even faster than producers' cash flows in the second half of 1998, as sellers became reluctant to part with assets at bargain-basement prices in the low oil-price environment. But analysts say that many ...
Low Prices Can't Slow Foreign Oil Lobbying.
Feb 01, 1999; ... By Kimberley Music Even in times of painfully low oil prices, the movers and shakers of foreign oil-producing countries continue to spread their wealth in the United States by paying thousands, millions and, in some cases, tens of millions of dollars to American lobbying firms to ...
Expiring Products Contracts Fuel Advance of Listless Crude Futures.
Feb 01, 1999; ... By Alexander Brideau Gasoline prices again proved to be crude oil's savior on Friday, with expiring refined products contracts on the New York Mercantile Exchange (Nymex) having another bullish session. With gasoline leading the market for the third day in a row -- thanks to ...
Bearish Fundamentals Still Rule Gas Market, But Nominations Period Offers Some Reprieve.
Feb 01, 1999; ... By Scott C. Speaker Bearish natural gas fundamentals haven't changed significantly, though producers got a reprieve of sorts from persistently low prices with higher-than-expected February nomination period prices last week. While current gas prices -- $1.70-$1.80/MMBtu in ...
Imports Add to Woes of Louisiana Sweets; Gulf Prices Hold Steady.
Feb 01, 1999; ... By Alexander Brideau Little fluctuation was seen in cash prices for Gulf Coast crudes in the first days of March trading, though sweet Louisiana grades had another tough week as growing volumes of imports compounded existing transport problems. Outright prices were mixed, ...
Nymex Delays Debut of Exchange-of-Futures-for-Swaps Pilot Program.
Feb 01, 1999; ... By Eric Kronenwetter Apparently, members of the energy trading fraternity aren't quite ready for the New York Mercantile Exchange's (Nymex) exchange-of- futures-for-swaps (EFS) trading mechanism. Having recently received the green light from the Commodity Futures Trading ...
Companies Hope They Are Seeing the Bottom of Broad Industry Slump.
Feb 01, 1999; ... By Sam Fletcher For U.S. oil and gas producers, the first half of 1999 will be much like the disastrous last half of 1998 -- only worse, industry sources are predicting. Optimists are hoping for a midyear price rally as demand for both oil and gas strengthens and drilling for ...
Spending Estimates Dive as Crude Prices Remain in Doldrums.
Feb 01, 1999; ... By Paul Merolli Believe it or not, the huge 11% worldwide decline in 1999 upstream spending that companies anticipated little more than two months ago is starting to look optimistic. As more firms release board-approved spending plans for 1999, it looks more like overall ...
State Data Show Sharp Nationwide Decline in Oil Production.
Feb 01, 1999; ... By Jay Saunders It took a while, but state-by-state data are now trickling in that show U.S. oil production last year was much more vulnerable to sustained low oil prices than national data have indicated. Rather than the widely reported, barely perceptible, 1% decline, ...
Tide Turns Against Drilling Contractors, Service Companies.
Feb 01, 1999; ... By Sam Fletcher The tidal wave of economic misfortune that swamped oil producers has also washed out the small pricing gains made by drilling contractors and other service companies during a brief rebound in drilling activity in 1996-97. For two years, the service sector had ...
Optimism Makes Surprise Visit to North American Prospect Expo.
Feb 01, 1999; ... By Sam Fletcher The 6,000 producers, bankers and other industry participants who gathered at the annual North American Prospect Expo (NAPE) in Houston last week were unexpectedly optimistic in view of the general gloom pervading the industry. That was about the same number ...
Winter Chills Refining Margins, Fails to Heat Distillate Demand.
Feb 01, 1999; ... By Alan Kovski Refining margins are going through a seasonal trough that has triggered a spate of run cuts -- though one specialist describes it as pretty much what can be expected in the first quarter. The weak margins and the reduced runs may be receiving extra attention ...
Senator Seeks Greenspan Report.(Domenici, Pete)
Feb 01, 1999 ... Senate Budget Committee Chairman Pete Domenici (R-N.M.) has asked Federal Reserve Board Chairman Alan Greenspan to provide a report on the economic decline of the U.S. oil and gas industry. Domenici made the request Thursday morning during Greenspan's testimony to the Budget ...
Anadarko Halves 1999 Spending.
Feb 01, 1999 ... Anadarko Petroleum Corp. said Friday that it will cut its 1999 capital spending by more than 50% to $410 million in 1999 from $917 million spent in 1998. The Houston-based independent said it also expects a 5% increase in oil and gas production. Anadarko said it has ...
Grant Chief Steps Down.
Feb 01, 1999 ... Houston-based seismic provider Grant Geophysical Inc. announced Friday that Larry Lenig Jr. has resigned as president, chief executive and a director of the company. Don Wilson, the company's chairman, will replace him on an interim basis as chief executive. Lenig's ...
Duke Trusts Plan Note Sale.
Feb 01, 1999 ... Three business trusts formed by Duke Capital Corp., a unit of Duke Energy Corp., filed last week with the Securities and Exchange Commission a shelf registration to sell up to $1 billion in notes and preferred securities. The trusts, known as Duke Capital Financing Trust ...
Howell Sells LaBarge Units.
Feb 01, 1999 ... Houston-based oil and gas producer Howell Corp. said Friday that it closed the sale of its interest in the southwestern Wyoming LaBarge project for $15.75 million, effective Dec. 1, 1998. Howell sold its 4.8% working interest in the Fogarty Creek Unit, which is one of three ...
Remington Sees Reserves Climb.
Feb 01, 1999 ... Dallas-based Remington Oil and Gas Corp. said Friday that its year-end 1998 reserves were 5.5 million bbl of oil and 52.9 Bcf of natural gas, a 24% increase in oil reserves and a 45% increase in gas reserves for a 36% increase on a barrel of oil equivalent (boe) basis. Year-end ...
Canadian Storage Levels Drop.
Feb 01, 1999 ... Natural gas storage levels in Canada fell more than 25 Bcf for the week ended Jan. 22, the Canadian Gas Association reported. Storage throughout Canada fell to 334.84 Bcf on the week, compared with 361.27 Bcf the previous week. Caverns were 64.3% full, compared with 69.4% full ...
Pacalta Hikes Ecuadorean Output.
Feb 01, 1999 ... Canadian oil company Pacalta Resources Ltd. said Thursday that its Ecuadorean subsidiary, City Investing Co., has raised oil production by 75% after an increased quota allocation from state oil company Petroecuador. Pacalta President John Wright said the company now is pumping ...
Murphy Logs $61 Million Loss.
Feb 01, 1999 ... Add Murphy Oil Corp. to the long list of oil and gas producers hit hard in the fourth quarter by the current depressed state of commodity prices. Including special items, the recent fourth quarter reflected a loss of $61.1 million ($1.36/share) on revenues of $376.2 million, ...
Charge, Low Prices Hit Cabot.
Feb 01, 1999 ... Low commodity prices and a fourth-quarter pretax charge of $885,000 for a companywide reorganization drastically reduced 1998 earnings for Houston-based independent Cabot Oil & Gas Corp. The company earned $1.9 million (8 cents/share) on revenues of $159.6 million last year, ...
40 Years Ago Today in THE OIL DAILY.
Feb 01, 1999 ... * Richard H. Von Hagen, president of the Oil Producers Agency of California, has criticized as "arbitrary and capricious" the smog season ban on fuel oil burning imposed by the Los Angeles County Board of Supervisors. He recommends that producers look into "such legal and other remedies ...
Chavez Names Citgo's Mandini to Head PDVSA.
Feb 02, 1999; ... Roberto V. Mandini, Citgo executive vice president and deputy chief executive, was named the new president of state oil company Petroleos de Venezuela S.A. (PDVSA) on Monday by Venezuelan President-elect Hugo Chavez. Mandini started his oil career in 1961 with Creole Petroleum ...
'January Effect' Leaves Oil Shares in the Cold.
Feb 02, 1999; ... Any hopes that the new year would spur underperforming oil shares were dashed last month by widespread pessimism about the outlook for oil prices and other key fundamentals in 1999. While the broader market managed to capitalize on the so-called "January effect," when investors ...
Technical Selling Drives Crude Oil Futures Price Down 38 cents.
Feb 02, 1999; ... Crude oil prices headed lower in light rangebound action Monday as traders in New York sent prices south after failing to break through technical supports. Early follow-through buying on the New York Mercantile Exchange (Nymex) from Friday and a pledge from Venezuela's incoming ...
Exxon-Mobil Deal Won't Overly Concentrate Retail Market, Study Says.
Feb 02, 1999; ... While receiving a fair amount of scrutiny from the Federal Trade Commission (FTC) due to the sheer size of the proposed deal, a merger between Exxon Corp. and Mobil Corp. shouldn't be hindered on the grounds of concentrated retail market share -- a factor that the public most cares about ...
Gloomy Energy-Sector Earnings Reports Drag Share Prices Down 4.2% for.
Feb 02, 1999; ... Week A slew of negative earnings reports sent a bearish chill among oil and natural gas shares last week, knocking down prices while the broader market rose. Poor earnings across the spectrum sent The Oil Daily 30 Composite Index down 4.2% on the week. By contrast, ...
EPA Plans to Spread Money Widely; Rules On Gasoline Sulfur Loom.
Feb 02, 1999; ... The Environmental Protection Agency (EPA) released its proposed fiscal 2000 budget Monday with a "something-for-everyone" approach -- extra money for states, communities, Indian tribes, businesses and consumers nationwide through a host of different programs. But EPA still is ...
Richardson Awaits Proposal to Refill SPR; Interior to Announce.
Feb 02, 1999; ... Stripper Well Relief While scant bright spots are found in the administration's proposed budget for fiscal 2000, positive developments are under way outside the budget at the Energy and Interior departments that should bring oil into the Strategic Petroleum Reserve (SPR) and ...
Genesis Project Comes on Stream.
Feb 02, 1999 ... Flow of first oil was announced Monday by partners in the Genesis Project, a deep-water oil and natural gas drilling and production facility in 2,600 feet of water in the Gulf of Mexico, 150 miles south of New Orleans. The $750 million project, located on Green Canyon blocks ...
Deep-Water Drillship Starts Work.
Feb 02, 1999 ... Conoco Inc. and R&B Falcon Corp. announced that the Deepwater Pathfinder -- a first-of-its-kind, ultra-deep-water drillship -- began a five-year work program Monday in the Gulf of Mexico. The ship, which is the first capable of drilling in 10,000 feet of water, will fulfill a ...
Leaders Eye Moving Texaco Suit.
Feb 02, 1999 ... Tribal leaders from Ecuador's Oriente Province were back in a court in New York on Monday to get a $1 billion pollution suit against Texaco Inc. heard in the United States rather than in Ecuador. Lawyers for the three tribal leaders present in the U.S. District Court for the ...
Colombian Pipelines Repaired.
Feb 02, 1999 ... Colombia's Cano Limon-Covenas and San Miguel-Orito crude oil pipelines, damaged last week in Marxist rebel bomb attacks, were repaired over the weekend and are pumping normally again, a spokesman for state oil company Ecopetrol said Monday. The 230,000 b/d-capacity Cano Limon ...
Texaco Replaced 166% of Reserves.
Feb 02, 1999 ... Texaco Inc. said Monday that its oil reserves in 1998 rose 8% to 4.7 billion bbl of oil and natural gas. The company said it replaced 166% of its 1998 worldwide production. The reserves comprise 3.6 billion bbl of liquids and 6.5 Tcf of natural gas. Texaco said ...
Suncor Board OKs Spending.
Feb 02, 1999 ... Suncor Energy Inc.'s board of directors approved spending of about C$2 billion (US$1.32 billion) for the planned expansion of its oil sands plant at Fort McMurray, Alberta, the Calgary-based company said last week. The expansion, called Project Millennium, is currently before ...
Nasdaq to Delist Gothic.
Feb 02, 1999 ... Tulsa, Okla.-based oil and gas producer Gothic Energy Corp. announced that effective at the close of business today its securities will be delisted from the Nasdaq SmallCap Market. The company said the action was taken by Nasdaq because Gothic doesn't meet the continuing ...
Ultra Names New Chief.
Feb 02, 1999 ... Vancouver-based natural gas exploration and development company Ultra Petroleum Inc. announced last week that Michael Watford will become the company's new chairman and chief executive, effective immediately. Ultra said last month that it was seeking candidates for the newly ...
Nigerian Clash Kills at Least 15.
Feb 02, 1999 ... A weekend clash between soldiers and ethnic Ijaw youths demanding work at a Shell Oil terminal in southern Nigeria left 15 to 19 people dead, local newspapers reported Monday. The fighting forced Shell to close the Forcados terminal, according to a Shell official, who added ...
Total, PetroFina Pull Merger Filing.
Feb 02, 1999 ... The European Commission said Monday that France's Total S.A. and Belgium's PetroFina S.A. had withdrawn the filing of their proposed merger, but a Total spokeswoman said that a new notification would be posted soon. The Total spokeswoman said the original notice had been pulled ...
Arco Cancels Georgian Venture.
Feb 02, 1999 ... A planned $2 billion deal between Atlantic Richfield Co. (Arco) and former Soviet republic Georgia on joint development of offshore Black Sea oil fields has been canceled, a Georgian official said Monday. Arco's decision to cancel the deal was caused by current low oil prices, ...
Low Oil Prices Threaten U.S. Reserve Replacement.
Feb 03, 1999; ... By Merolli, Paul It's possibly too soon to say for sure, but preliminary data suggest that U.S. companies may have failed to replace domestic reserves last year for the first time since 1994. What's more, analysts say substantially lower capital spending plans for ...
Decline in Production Bodes Well for Gas Prices.
Feb 03, 1999; ... By Gosmano, Jeff Amid the gloom pervading the U.S. upstream industry, there are some glimmers of light -- for natural gas producers, at least. A combination of corporate budget cuts and a falling rig count may prompt a rise in natural gas prices sooner than many ...
Crude Futures Lose Ground Waiting for Inventories to Rise.
Feb 03, 1999; ... By Parezo, Alexander Brideau^Steve With traders waiting to see what effect refinery run cuts have had on crude oil stocks, crude prices edged lower on the New York Mercantile Exchange (Nymex) on Tuesday. March light, sweet crude fell 7 cents to $12.30/bbl as ...
Baker Hughes, Smith Endure Tough Year, See More Pain Ahead.
Feb 03, 1999; ... By Fletcher, Sam Multimillion-dollar charges stemming from mergers and restructuring hurt fourth-quarter and annual earnings at Baker Hughes Inc. and Smith International Inc., two large Houston-based service companies. Baker Hughes reported a sharp loss for 1998, ...
Court Declares Chauvco Resources Bankrupt.
Feb 03, 1999; ... By Pike, David Chauvco Resources International, a small Canadian company specializing in Gabon, has been forced into bankruptcy six months after low oil prices and high operating costs prompted it to shut in its only producing asset, the Remboue oil field in Gabon. ...
Refining Margins Squeeze Valero Earnings.
Feb 03, 1999; ... By Kovski, Alan Valero Energy Corp. joined the list of refining and marketing companies that eked out poor operating profits in the fourth quarter and were driven into the net loss column by inventory write-downs. Valero's full-year results also were weak for ...
Arco, Chevron Agree To Combine Operations In Permian Basin.
Feb 03, 1999; ... By Fletcher, Sam Atlantic Richfield Co. (Arco) and Chevron USA Production Co. said Tuesday that they are combining their oil and gas operations in the mature Permian Basin of West Texas and eastern New Mexico in a bid to cut operating costs and boost production. The ...
California Data Show Output Holds Steady, But Producers Say Evidence of Decline Looms.
Feb 03, 1999; ... By Kronenwetter, Eric With oil prices hovering near record lows last year, California oil production appears to have held up remarkably well, preliminary state data show. But local producers contend that the numbers don't paint the real picture. According to the ...
IMF Presses for Privatization of Petrobras.
Feb 03, 1999; ... By Eisen, Peter Leading officials from the International Monetary Fund (IMF) arrived in Brasilia on Tuesday with a message for the government: Brazil should obtain some of the money it needs to reduce its budget deficit by privatizing state oil company Petroleo Brasileiro ...
Change Atop Mexico's Electric Monopoly Fails to Stir Enthusiasm Among U.S. Firms.
Feb 03, 1999; ... By Shook, Barbara The naming of a new head at Mexico's state-owned electricity monopoly may have been welcome news, but it isn't likely to initiate a new wave of project announcements for the third nation in the North American trade federation. Alfredo Elias Ayub, ...
Egler to Head Equitable Units.
Feb 03, 1999 ... Equitable Resources has appointed James Egler president of Equitable Gas, the company's regional gas ...
Bill Introduced to Refill SPR.
Feb 03, 1999 ... Taking the first legislative step toward refilling the Strategic Petroleum Reserve (SPR), Rep. Lamar Smith (R-Texas) introduced a bill Tuesday to authorize $300 million in crude purchases for the reserve. Smith, who represents the Midland area of Texas where producers have been ...
Texas Senate Eyes Tax Break.
Feb 03, 1999 ... Legislation that would exempt small oil producers from the state severance tax when oil prices fall below $15/bbl was put on the fast track in the Texas Legislature on Tuesday. Lt. Gov. Rick Perry said the Senate Finance Committee would hold a hearing on the bill today and that ...
Oklahoma Tax-Relief Vote Nears.
Feb 03, 1999 ... The Oklahoma Senate paved the way for a vote on an oil industry tax relief package Tuesday by approving a bill that will cut $25 million from state agency budgets. The money will go toward funding a $29 million reduction in severance taxes in hopes of tiding over oil producers ...
Bankruptcy Pushed for Coastal Unit.
Feb 03, 1999 ... Six creditors of Coastal Corp. affiliate ANR Advance Transportation Co. are seeking to place the Milwaukee-based company in an involuntary Chapter 11 bankruptcy. A petition filed Tuesday in U.S. Bankruptcy Court in Delaware lists claims for alleged unpaid fringe benefits, a ...
Houston Industries Changes Name.
Feb 03, 1999 ... Houston Industries Inc. announced Tuesday that it is changing its name to Reliant Energy in an effort to mark its transformation from a local electric utility into an energy service company with international prospects. Reliant Energy will begin trading under its new ticker ...
Chavez Takes Over in Venezuela.
Feb 03, 1999 ... Hugo Chavez Frias was inaugurated Tuesday as president of Venezuela after a relatively smooth transition period following his Dec. 6 election. He promised to immediately sign a decree authorizing a referendum to establish a constituent assembly. The new body would have the ...
Ecuador Bans Amazon Drilling.
Feb 03, 1999 ... Ecuador's President Jamil Mahuad has issued a decree banning oil, mining and timber development in nearly 2.5 million acres in the Amazon Basin region within Ecuador, state-run oil company Petroecuador said Tuesday. The company said the area affected includes the Imuya field, ...
Protest Halts Arco Work.
Feb 03, 1999 ... In a peaceful protest, a group of about 100 Ecuadoreans has stopped work at an installation owned by Atlantic Richfield Co. (Arco), a company official said Monday. Sixto Mendez, Arco's head of security and environmental protection in Ecuador, said everything has stopped at the ...
Canadian Rig Count Falls.
Feb 03, 1999 ... The total number of rigs drilling throughout Canada dropped for week ended Feb. 2, according to the Canadian Association of Oilwell Drilling Contractors. There were 379 total wells drilling for oil throughout Canada on the week, down from 390 the previous week. That represents ...
Pemex Removes Platforms.
Feb 03, 1999 ... Mexican oil monopoly Petroleos Mexicanos (Pemex) said Monday that it has finished uprooting abandoned platforms from a spent Gulf of Mexico oil field and will leave the scraps to form an artificial reef. Pemex began removing 7,700 tons of rusting metal structures and tubing in ...
Apache Reports $131 Million Loss.
Feb 03, 1999 ... Apache Corp. announced Tuesday that the collapse in oil and gas prices pushed it to a 1998 net loss of $131.4 million ($1.34/share) on revenues of $875.7 million, a huge drop from 1997 earnings of $154.9 million ($1.71/share) on revenues of $1.18 billion. Last year's results ...
Analysts Finger Companies in Danger of Default.
Feb 04, 1999; ... By Merolli, Paul Defaults on corporate debt could become more common this year among highly leveraged independent producers poleaxed by last year's steep drop in oil prices. A briefing by oil and gas analysts at Standard & Poor's (S&P) corporate ratings agency ...