The Oil Daily back issues from June 2003:
Anticipated Iraqi Exports Roiling Market.
Jun 02, 2003; ... Even before they start, Iraqi oil exports are knocking the value of rival producers' grades. Russia is being hit particularly hard. The prospect of a near-term return of Iraqi oil through a tender for stored Kirkuk crude at the Turkey's port of Ceyhan is undermining Russian ...
Pemex Audit Becoming Political Football.
Jun 02, 2003; ... An audit of Pemex by a Mexican congressional committee regarding financial information for 2001 has led to charges of irregularities and has opened the possibility of a "scandal" timed to influence Mexico's legislative elections. Pemex officials told Oil Daily that the ...
Platts Faces Gasoline Pricing Challenge.
Jun 02, 2003; ... LONDON -- Pricing service Platts has responded to a challenge by European gasoline traders to its new product price assessment methodology -- but the response came straight from the deep freeze. Traders have objected to Platts' decision to switch to market-on-close (MOC) ...
Crude Prices Move Little During Week, Market Awaits Opec News.
Jun 02, 2003; ... Crude oil prices continued to move higher Friday as traders continued to digest Thursday's weekly inventory reports, which showed an unexpected draw in gasoline stocks. Gasoline and heating oil futures on the New York Mercantile Exchange (Nymex) closed mixed on the last day of ...
Thirsty US Refiners Soak Up Plethora of Russian Crude Cargoes for Gasoline Output.
Jun 02, 2003; ... The absence of Iraqi barrels and significant cuts in Saudi crude exports have prompted US end-users to snap up trans- Atlantic alternatives as refineries crank up runs to meet higher gasoline demand. Though sour differentials came under pressure at the end of last week from a ...
Senate Returns to Focus Once Again on Energy Legislation.
Jun 02, 2003; ... WASHINGTON -- A sweeping energy bill, shelved for well over three weeks, will finally be front and center in the Senate as lawmakers reconvene today after a week-long recess for the Memorial Day holiday. The first order of business will be whether or not to incorporate into the ...
Natural Gas Prices Are Likely to Avoid Spikes in the Short Term.
Jun 02, 2003; ... The price spikes that so many pundits anticipate for the gas market this summer are likely to hold off through early June due to widespread mild weather in forecasts for eastern US markets. Still, there is a pervasive sense that the gas market is working on borrowed time before the right ...
Daily Oil & Gas Price Review.(Illustration)
Jun 02, 2003 ... <Pre> Daily Oil & Gas Price Review Prices for Friday, May 30, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet+0.46 ...
Canadian Gas Storage.(Brief Article)
Jun 02, 2003 ... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 15.9 Bcf to 149.0 Bcf for the week ended May 23. Storage caverns are 30.8% full, up from 27.6% full one week ago, but down from 55.4% full a year ago. <Pre> Canadian Gas Storage (Bcf) ...
Baker Hughes Drilling Report.(rig count)(Brief Article)
Jun 02, 2003 ... US Rig Count Rises 9 The number of rigs searching for oil and gas in the US rose by 9 to 1,059 for the week ended May 30, according to Baker Hughes. A year ago there were 854. The number of rigs searching for oil fell by four to 160 and the number of rigs searching ...
Stock Market Scorecard.(stock prices, various energy companies)(Illustration)
Jun 02, 2003 ... <Pre> Stock Market Scorecard Close1-Day.% Chg.? May 30 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Occidental 33.74 +0.90 +2.74 +8.84+13.34 +18.59 Murphy ...
Southern Union Issues Guidance.(Brief Article)
Jun 02, 2003 ... Natural gas utility Southern Union on Friday said it expects fiscal 2003 earnings at or near the low end of its forecast range, reflecting the impact of a stock offering and its acquisition of CMS Energy's Panhandle Eastern Pipe Line. The Wilkes-Barre, Pennsylvania-based company ...
Piedmont's Profits Slip.(Piedmont Natural Gas)(Brief Article)
Jun 02, 2003 ... Natural gas distributor Piedmont Natural Gas on Friday said second-quarter profit fell as changes in the way it records revenue and the cost of gas for volumes delivered but not yet billed decreased earnings. For the quarter ended Apr. 30, Charlotte-based Piedmont reported net ...
Climate Report Backs Ethanol.(use of ethanol in gasoline can reduce carbon dioxide emissions)(Brief Article)
Jun 02, 2003 ... Carbon dioxide emissions linked to climate change can be drastically cut in the transportation sector by adopting policies that reduce gasoline consumption and increase corn- based ethanol use in gasoline, says a new report released by the Pew Center on Climate Change. The ...
California Oil Output Dips.(Brief Article)
Jun 02, 2003 ... Data released May 28 by the California Department of Conservation show a 4,000 b/d monthly decline in crude oil production in February to 772,000 b/d. Fields in the San Joaquin Valley's Kern County in central California were responsible for the seesawing California output ...
Meridian Makes Gas Find.(Meridian Resource)(Brief Article)
Jun 02, 2003 ... Houston-based Meridian Resource Friday posted initial production results from its Biloxi Marshlands No. 6-2 well, its second prospect in the area. The 6-2 well tested into the sales line from the Lower Cris I sand interval through perforations between 11,181 and 11,201 feet at a ...
Valero Sells $300M in Notes.(Valero Energy)(Brief Article)
Jun 02, 2003 ... Independent oil refiner and marketer Valero Energy has sold $300 million in 10-year notes, joint lead managers Barclays Capital, J.P. Morgan, and Morgan Stanley said on Friday. Valero also recently issued $250 million in three-year mandatory convertible preferred securities to ...
Williams Mulls Offering.(of unsecured notes)(Brief Article)
Jun 02, 2003 ... Natural gas company and pipeline operator Williams said Thursday it is considering a sale of $500 million in unsecured notes, but would evaluate the market and likely pricing before making a final decision. If an offering comes off, it would be issued under the Tulsa, ...
Plains Closes Note Offering.(Plains Exploration & Production)(Brief Article)
Jun 02, 2003 ... Houston-based Plains Exploration & Production said Friday it completed its $75 million note offering, which will help finance its acquisition of 3TEC Energy (OD Feb.4,p7). Plains successfully completed the private placement of $75 million in aggregate principal amount of ...
Halliburton Settles Suits.(Brief Article)
Jun 02, 2003 ... Halliburton said Friday it signed a memorandum of understanding to settle 20 shareholder class-action lawsuits concerning claims for the purchase of the oil-field service company's stock over a four-year period. Houston-based Halliburton said the lawsuits, consolidated before a ...
Transocean Gets Conoco Stake.(in Deepwater Drilling II joint venture)(Brief Article)
Jun 02, 2003 ... Offshore drilling contractor Transocean said Friday that a subsidiary has purchased ConocoPhillips' 40% interest in the Deepwater Frontier joint venture, Deepwater Drilling II. Transocean already owns the other 60% interest in the joint venture, ...
Suncor Names New CFO.(J. Kenneth Alley appointed at Suncor Energy)(Brief Article)
Jun 02, 2003 ... Canadian integrated firm Suncor Energy said Friday it appointed J. Kenneth Alley as its new senior vice president and chief financial officer, effective Jul. 1. Currently Suncor's current vice president of finance, Alley will replace Steve Williams, who is moving to Fort ...
Iraqi Oil Advisory Board Due by Mid-June.
Jun 03, 2003; ... BAGHDAD -- Ending the mystery of its composition and the weeks of speculation about whether it would ever materialize, initial members of the US-appointed advisory board for the Iraqi oil sector are to be named by mid-June. Iraqi citizens will be in a permanent majority on the ...
Devon, Gulfsands Ink Syrian Exploration Deal.
Jun 03, 2003 ... HOUSTON -- Devon Energy and privately owned Gulfsands Petroleum have signed a four-year deal to acquire seismic data and drill four oil exploration wells in northeastern Syria, extending Devon's presencein the politically sensitive Middle East region. The exploration, ...
Nymex Crude Futures Shoot Past $30/bbl, Hits Six-Week High.(Brief Article)
Jun 03, 2003; ... Crude futures in New York shot past $30 per barrel Monday as traders reacted to fresh government data that shows the US economy is improving and maybe is not as bad as had been thought. Concerns over US inventories -- particularly gasoline inventories -- also are fueling the ...
Somo Tender Slowed by Logistical and Communications Problems.(State Oil Marketing Organization)
Jun 03, 2003; ... BAGHDAD -- Local logistical and communications problems still are slowing the restart of Iraqi crude oil exports, although tender documents for the first legal oil sales since the start of the war and the ending of UN sanctions could be sent out to potential customers this week. ...
Broad Market Surge, Oil and Gas Price Strength Boost Energy Shares.
Jun 03, 2003; ... Continued strength in the broader equity market combined with robust crude oil and natural gas prices to produce solid gains for energy shares last week. The S&P 500 continued its late May surge, gaining 3.2% last week to close at 963.59 on Friday. The price of front-month crude ...
Premcor Cuts Q2 Earnings Forecast, Blames Softening Margins.
Jun 03, 2003; ... Shares of Premcor moved lower Monday after the independent refiner said it expects second-quarter earnings to be below analysts' forecasts. Premcor said after the market closed on Friday that it expects second-quarter earnings to be between 50cents-75cents per share. Analysts ...
Halliburton Delivers Assessment of Damage to Iraqi Fields.(Kellogg, Brown & Root reports on Iraq's oil infrastructure)
Jun 03, 2003; ... BAGHDAD -- Halliburton subsidiary Kellogg, Brown & Root (KBR) is understood to have presented its first assessment of the physical condition of Iraq's oil infrastructure to the top oil official with the US occupation force in Baghdad on Sunday. Philip Carroll, the senior advisor ...
Russia Expects a Role for Its Companies in Postwar Iraq.
Jun 03, 2003; ... MOSCOW -- Russia continues to expect a role in postwar Iraq, the country's president, Vladimir Putin, made clear in a weekend meeting with his US counterpart, George W. Bush. The meeting between the two leaders -- their first since the Iraq war -- suggested that both remain ...
Daily Oil & Gas Price Review.(Illustration)
Jun 03, 2003 ... <Pre> Daily Oil & Gas Price Review Prices for Monday, June 2, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet...
Cooling Degree Days.(Illustration)
Jun 03, 2003 ... <Pre> Cooling Degree Days Week Dev Cum Dev For week of From FromFrom May 31, 2003 Week From Year Cum From Norm Year ...
Stock Market Scorecard.(Illustration)
Jun 03, 2003 ... <Pre> Stock Market Scorecard Close1-Day.% Chg.? Jun 02 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors ConocoPhillips 55.04 +1.07 +1.98 +5.66 N.A. +13.74 ...
Swift Updates Production.(Swift Energy Co.)(Brief Article)
Jun 03, 2003 ... Houston-based Swift Energy said Monday that May production from its Lake Washington Field averaged more than 5,700 net boe/d. Oil barging operations are functioning normally and have become the primary oil sales outlet, Swift said. Barging operations will remain the primary ...
BP to Drill for Treasure.(BP Exploration & Production will test Treasure Island exploration concept)(Brief Article)
Jun 03, 2003 ... Newfield Exploration received notice from BP Exploration & Production of its intent to drill an initial well to test the Treasure Island exploration concept, as provided for and subject to the terms and conditions of the joint exploration agreement between BP and Newfield, as successor to ...
Fitch Gives Exxon Top Rating.(Brief Article)
Jun 03, 2003 ... Fitch Ratings initiated coverage of US supermajor Exxon Mobil and assigned its 'AAA' senior unsecured rating to the company, as well as a commercial paper rating of 'F1+', reflecting its superior financial standing. The assignments affect approximately $8 billion in public debt ...
Opec Delegates Discuss Summit.(Brief Article)
Jun 03, 2003 ... Deputy oil ministers and other senior officials from Opec members will meet later this week in Vienna to discuss "long- term planning" with a view to staging a gathering of heads of state from oil producer countries in 2005, Opec sources said Monday. Saudi Deputy Oil Minister ...
Saudi Move Bolsters Silva.(Saudi Arabia nominates Suleiman al-Herbish to serve as head of OPEC Fund for International Development)(Brief Article)
Jun 03, 2003 ... Saudi Arabia has nominated its representative on the Opec board of governors, Suleiman al-Herbish, to serve as head of the Opec Fund for International Development, a move that could pave the way for Opec Secretary General Alvaro Silva to serve another term as administrative head of the oil ...
Mexico to Keep Exports Steady.(Brief Article)
Jun 03, 2003 ... Mexico will maintain crude exports at 1.88 million b/d in June, and will continue its "careful evaluation" of the oil markets, the country's Energy Ministry said late Friday. It added that Mexico would "pay close attention" to the results of Opec's June 11 meeting in Doha, without ...
Peru Sets New Royalty Terms.(Brief Article)
Jun 03, 2003 ... Peru approved two new royalty calculation schemes for hydrocarbon contracts Friday designed to encourage investments in smaller fields and speed negotiations over field development plans. PetroPeru will promote the new terms in Calgary, Canada, on Jun. 9-11, followed by road shows to ...
Petrobras to be Listed on Merval.(Buenos Aires stock exchange)(Brief Article)
Jun 03, 2003 ... Brazilian state oil company Petrobras is planning to list shares in the Buenos Aires stock exchange as part of a series of moves to rapidly consolidate its recent acquisition of a majority stake of Argentine Pecom Energia (Perez Companc), according to a company's top executive. ...
Chevron Sells Texas Refinery.(Brief Article)
Jun 03, 2003 ... ChevronTexaco on Monday said it would sell its stake in a small refinery complex in El Paso, Texas, to Western Refining Co. LP, a closely held firm that owns a minority stake in the complex. The company did not disclose financial terms of the deal. ChevronTexaco also said it ...
Halliburton Sells Unit.(Halliburton Measurement Systems)(Brief Article)
Jun 03, 2003 ... Halliburton said it sold Halliburton Measurement Systems for approximately $33 million in cash to NuFlo Technologies, an investment by the Houston-based private equity firm SCF Partners. The ...
Grey Wolf Buys El Paso Rigs.(Brief Article)
Jun 03, 2003 ... Drilling services provider Grey Wolf said it would close a deal this Wednesday to buy two rigs from a subsidiary of El Paso for $9 million in cash. One of these rigs is currently operating under a management agreement with Grey Wolf and the other rig is operating under a ...
CMS Sells Pipeline Stake.(Brief Article)
Jun 03, 2003 ... Dearborn, Michigan-based CMS Energy said Monday it sold for $26 million its one-third interest in the 142 mile Guardian Pipeline, which stretches from Joliet, Illinois, into southern Wisconsin, to a subsidiary of Wisconsin Public Service Resources. The deal represents another ...
Williams Closes Asset Sales.(Brief Article)
Jun 03, 2003 ... Williams said late Friday that it closed three previously announced transactions involving sales of assets and a power contract for a total of approximately $663 million. Williams Chairman and CEO Steve Malcolm, said the sales are evidence that the company is executing its ...
Dominion Sets Cove Point Start.(Brief Article)
Jun 03, 2003 ... In a filing with the Federal Energy Regulatory Commission (FERC) last week, Richmond-based Dominion said that it expects its Cove Point, Maryland, LNG Facility, located on Chesapeake Bay, to be reactivated on Jul. 22. According to Dominion spokesman Dan Donovan, a so called 'commissioning ...
Diamond Gets Pemex Contract.(Diamond Offshore Drilling )(Brief Article)
Jun 03, 2003 ... Diamond Offshore Drilling said Monday that it was awarded three drilling contracts for semisubmersible rigs by Pemex, Mexico's state-owned oil company. The work, which is expected to generate total combined revenues of approximately $272 million, will take place in the Gulf ...
Institutional Group Favors El Paso Dissidents.
Jun 04, 2003; ... HOUSTON -- A recommendation in favor of El Paso's dissident shareholder group by Institutional Shareholders Service (ISS) on Tuesday may have given the Selim Zilkha-led opposition the edge it needs to prevail in efforts to oust El Paso's board of directors and replace it with a new slate. ...
Iraq Production Capability Appears Overstated.
Jun 04, 2003; ... BASRAH -- A large gap exists between the ambitious plans being hatched in Baghdad to restore Iraqi oil production and the reality on the ground in southern Iraq, the country's largest production center. While officials at the oil ministry talk of raising national production to ...
Futures Market Consolidates Gains; All Eyes on US Inventory Data.(Brief Article)
Jun 04, 2003 ... Crude futures on the New York Mercantile Exchange (Nymex) ended slightly lower, consolidating much of the gains achieved in Monday's rally that pushed prices beyond $30 per barrel. Nymex sweet crude posted a light loss of 4cents/bbl to close at $30.67/bbl while Brent crude on ...
More Russian Barrels Find a Home in US Gulf Coast Market.
Jun 04, 2003; ... US spot crude traders can't seem to get enough of Russian crude. Approximately 3 million barrels of Russian Urals have been sold in the Gulf Coast market in the past few days, with three deals being completed Monday, said a Gulf Coast trader. From late June to early July, up to ...
ChevronTexaco, Edison Mission Expand Sunrise Power Project.
Jun 04, 2003 ... ChevronTexaco Worldwide Power and Gasification and Edison Mission Energy (EME) completed the phase two expansion of the Sunrise Power Project and repeated history by adding gas- fired generation to the power-hungry California market "just in time." The Sunrise plant, 35 miles ...
Sigh of Relief Pushes Shares of Top Integrated Oils Past Market in May.(shares of top integrated oil and gas companies rally past the broader equity market in 5/03)
Jun 04, 2003; ... After missing out on the fun in April, shares of top integrated oil and gas companies rallied past the broader equity market in May spurred by crude oil prices that continued to firm despite investor fears of a collapse after the US-led war with Iraq. The Oil and Gas Index of ...
Special Counsel Sought on DOI's Griles.(groups call for an investigation of Deputy Interior Secretary J. Steven Griles)(Brief Article)
Jun 04, 2003 ... WASHINGTON -- A number of public interest groups on Tuesday called for the appointment of a special counsel to investigate whether Deputy Interior Secretary J Steven Griles unlawfully used his office to favor his former clients, including Devon Energy and Yates Petroleum. ...
KBR Crew Released After Being Held by Iranian Coast Guard.(Kellogg Brown & Root)
Jun 04, 2003 ... DUBAI -- What was supposed to be a routine mission to inspect the Mina al-Bakr oil terminal off Iraq's southern Al- Fao peninsula turned into a 26-hour nightmare in Iran for a group of nine soldiers, engineers, and naval crew subcontracted by Halliburton subsidiary Kellogg, Brown & Root ...
European Imports Soften Bite of Low US Oil Product Inventories.(gasoline imports)
Jun 04, 2003 ... There may be some European salve to take part of the sting off tight US gasoline supplies going into this summer's driving season while also helping to ameliorate a potential threat to heating oil supplies later in the year. European product exports to the US already have helped ...
Alberta Energy Board Bullish on Oil Sands, Bearish on Gas.(Alberta's oil sands production may triple by 2012)
Jun 04, 2003 ... Alberta's oil sands production -- already greater than its conventional crude output -- could triple by 2012, according to the Canadian province's Energy and Utilities Board (EUB). Meanwhile natural gas production in Alberta faces a steady decline over the next decade, the EUB ...
Kuwait Petroleum Readies Contracts for Northern Fields.
Jun 04, 2003 ... LONDON -- Kuwait Petroleum Corp. (KPC) is planning next week to send out long-awaited drafts of a contract for international oil companies to invest in expanding Kuwait's northern oil fields. The issue of drafts for the operating service agreements should give a boost to the ...
Daily Oil & Gas Price Review.(Illustration)
Jun 04, 2003 ... <Pre> Daily Oil & Gas Price Review Prices for Tuesday, June 3, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet-0.04 ...
Stock Market Scorecard.(stock prices for several petroleum firms)(Illustration)
Jun 04, 2003 ... <Pre> Stock Market Scorecard Close1-Day.% Chg.? Jun 03 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Total Fina Elf 75.15 +1.15 +1.55 +8.02 -1.97+5.10 ...
Pioneer Drilling Posts Loss.(for its fiscal fourth quarter and fiscal year 2003)(Brief Article)
Jun 04, 2003 ... Pioneer Drilling on Tuesday reported results for the three months ended Mar. 31 as well as its fiscal year 2003. Revenue for the fiscal fourth quarter of 2003 was $25.1 million, compared with revenue of $16.2 million in the fourth quarter of 2002. The company's net loss for the ...
Remington Touts Discoveries.(Remington Oil and Gas announces two discoveries in the Gulf of Mexico)(Brief Article)
Jun 04, 2003 ... Remington Oil and Gas announced two discoveries in the Gulf of Mexico Tuesday and issued an update on its drilling and production activities. Dallas-based Remington said the discoveries were made at Eugene Island 397 A-8 and at Vermilion 117 #1. Production is expected to ...
Patterson-UTI Reports for May.(drilling statistics for April and May)(Brief Article)
Jun 04, 2003 ... Patterson-UTI Energy reported drilling statistics for the months of April and May on Tuesday. The Snyder, Texas-based land driller reported a total of 5,856 drilling days in May, with an average of 189 drilling rigs in operation, including 187 in the US and two in Canada. ...
Exxon, Others Hit Oil in Angola.(Exxon Mobil discovers oil at Angola's Block 32, some 102 miles offshore)(Brief Article)
Jun 04, 2003 ... Exxon Mobil on Tuesday said oil was discovered at Angola's Block 32, located 102 miles offshore, with its first exploration well there. Block 32 is operated by France's Total, the largest stakeholder with 30%. Other owners include US integrated firm Marathon Oil, with 30%; ...