The Oil Daily back issues from March 2004:
Tillerson Seen as Next CEO at Exxon Mobil.
Mar 01, 2004 ... WASHINGTON -- Analysts say Exxon Mobil's promotion of upstream chief Rex Tillerson to the position of company president is a clear sign that Tillerson will succeed Lee Raymond as chief executive, perhaps within a year or two. Tillerson, 51, was elected president of the Texas ...
Marathon Expects First LNG Cargo This Month.(Marathon Oil, Liquified Natural Gas)
Mar 01, 2004; ... HOUSTON -- Add Marathon Oil to the list of active North American players in the fast-growing liquefied natural gas (LNG) sector. Marathon expects its first cargo of 2.8 billion cubic feet of imported LNG to arrive at El Paso's Elba Island, Georgia, terminal in mid-March. Steve ...
Newfield Says North Sea Wannabes Need Lots of Patience.
Mar 01, 2004; ... HOUSTON -- North American independents seeking to enter the UK North Sea will need lots of patience to establish a position without overpaying to acquire assets, according to Newfield Exploration, which launched its own entry campaign two years ago. "It's not a painless process ....
Collision, Rollover and Open Arbitrage Cause Hefty Volatility in US Domestic Spot Grades.
Mar 01, 2004; ... NEW YORK -- US domestic crudes had a bumpy ride last week with differentials versus benchmark West Texas Intermediate (WTI) jumping as much as a dollar or more in sweet and sour crudes alike on a series of events ranging from a vessel collision in the Mississippi River, a rollover in cash ...
US Crude Futures End Near Post-War Highs After Explosive Gasoline Expiration.
Mar 01, 2004; ... WASHINGTON -- Crude futures jumped to near-post-Iraq war highs on Friday as brisk short-covering ahead of the expiration of the March gasoline futures pushed that contract to its highest settlement ever amid anxiety over inventories ahead of the peak summer demand period. ...
St. Mary Presses Ahead with Hanging Woman Coalbed Gas Project.
Mar 01, 2004 ... HOUSTON -- St. Mary Land & Exploration is pressing ahead with the development of its Hanging Woman Basin coalbed methane project and is close to finalizing a deal with a third party to build and operate a gas gathering system. The Denver-based company expects to drill 100 wells ...
Natural Gas Market Softens on Weather; Price Outlook Debated.
Mar 01, 2004 ... WASHINGTON -- Gas markets appear soft through the last month of the North American heating season, particularly with widespread warm weather anticipated through early March. But there is substantial debate about pricing levels through the balance of 2004. A key question for ...
Canadian Gas Storage.(Brief Article)(Illustration)
Mar 01, 2004 ... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities fell 21.7 Bcf to 154.8 Bcf for the week ended Feb. 20. Storage caverns are 31.4% full, down from 35.8% full a week ago, but up from 23.8% full a year ago. <Pre> (Bcf)...
Baker Hughes Drilling Report.(Brief Article)(Illustration)
Mar 01, 2004 ... US Rig Count Up 20 The number of rigs searching for oil and gas in the US rose by 20 to 1,134 last week, oil services firm Baker Hughes said on Friday. During the same week last year, there were 912. The number of rigs searching for oil in the US rose three to 158, ...
Daily Oil & Gas Price Review.(Illustration)
Mar 01, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Friday, February 27, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet...
Stock Market Scorecard.(Illustration)
Mar 01, 2004 ... <Pre> Stock Market Scorecard Close1-Day.% Chg. Feb 27 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Amerada Hess 64.35 +2.03 +3.26 +6.15+45.26+21.92 ...
Pride Posts Q4 Loss.(Brief Article)
Mar 01, 2004 ... Energy services firm Pride International said on Friday it posted a fourth-quarter net loss versus a year-ago profit as it shouldered hefty charges and faced construction problems with four deepwater platform rigs. It ...
Caltex Australia Issues Results.(Chevron Texaco)(Brief Article)
Mar 01, 2004 ... ChevronTexaco affiliate Caltex Australia has reported an after-tax profit of A$197.5 million (US$152 million) in 2003, down from A$215.2 million (US$165 million) in 2002. However, its operating profit excluding special items, including the impact of international oil price ...
Exxon Works on Angola Field.(Brief Article)
Mar 01, 2004 ... Exxon Mobil's plan to start pumping oil in Angola's potentially lucrative Kizomba A field by the third quarter is on track, with a Floating Production, Storage and Offloading (FPSO) slated to arrive in May, industry sources said on Friday. The hefty FPSO facility, which has a ...
China OKs Burlington Project.(Brief Article)
Mar 01, 2004 ... Burlington Resources said China has approved its plans to develop the Bajiaochang gas field, kicking off what it hopes will be the first phase of a major onshore gas development program in the world's most populous nation. The Bajiaochang field, located 100 miles northeast of ...
Calvalley Makes Yemen Find.(Brief Article)
Mar 01, 2004 ... Canada-based Calvalley Petroleum reported last week initial results on its exploration in Yemen. In a statement, Calvalley said it made a "significant oil discovery in Yemen" and added that three sand layers were encountered bearing oil at one exploration well. "If ...
Iraq Pipeline Sabotaged.(Brief Article)
Mar 01, 2004 ... An Iraqi oil pipeline running between two refineries was on fire on Friday after coming under attack north of Baghdad, an official said. "We have dispatched crews to put out the fire and assess the damage," an oil official told Reuters. Reuters television footage ...
New Rule for Refineries.(Brief Article)
Mar 01, 2004 ... The Environmental Protection Agency (EPA) on Friday announced new rules to upgrade emissions control technologies for boilers and process heaters used in refineries and chemical facilities. The new Maximum Achievable Control Technologies (MACT) standards are aimed at protecting ...
Unocal Sells Sarulla Project.(Brief Article)
Mar 01, 2004 ... Unocal on Friday said that its Unocal North Sumatra Geothermal subsidiary (UNSG) has received $60 million from PLN, the Indonesia state electricity company, for the transfer of Unocal's rights and interests in the Sarulla geothermal project. ...
Calpine Closes $40.5M Deal.(Brief Article)
Mar 01, 2004 ... Calpine Natural Gas Trust announced Thursday that it has closed he acquisition of natural gas properties from a wholly owned subsidiary of Calpine for a gross consideration of $40.5 million, effective Jan. 1. Proved ...
Oneok Buys Conoco Stake.(Brief Article)
Mar 01, 2004 ... Tulsa-based Oneok is buying ConocoPhillips' 22.5% interest Gulf Coast Fractionators for $23 million. Gulf Coast Fractionators owns a major facility at Mont Belvieu, Texas, that separates natural gas liquids (NGL) into its various components or "fractions." The plant, northeast ...
Valero Restarting Refinery FCC.(fluid catalytic cracking)(Brief Article)
Mar 01, 2004 ... Valero Energy is restarting a 54,000 b/d fluidic catalytic cracking (FCC) unit at its 140,000 b/d Wilmington, California, refinery, trading sources said. A spokeswoman for Valero said information on the unit's status was not immediately available. ...
Unit Names CFO, COO.(Chief Financial officer, Chief Operating Officer, Unit)(Brief Article)
Mar 01, 2004 ... Energy company Unit on Friday said it promoted David Merrill to chief financial officer, succeeding Larry Pinkston, who has been named chief operating officer. The Tulsa, Oklahoma-based company said Merrill has also been named ...
Crude Nears $37/bbl as Market Ignores Saudi Vow.
Mar 02, 2004; ... WASHINGTON -- US oil prices neared $37 per barrel on Monday, soaring to their highest levels in nearly a year as fears mounted that unrest in Venezuela would cut off exports from the key US supplier and exacerbate an already tight gasoline market (see story, p1). Gasoline ...
Venezuelan Oil Flows Normal After Chavez Threats to US.
Mar 02, 2004; ... WASHINGTON -- Venezuelan oil operations and export volumes were normal on Monday, a day after left-wing President Hugo Chavez threatened to cut off crude flows to the US if the Bush administration decided to intervene in the South American country's mounting state of civil unrest. ...
Surprise Opec Cut Boosts Big Oil Shares in February.
Mar 02, 2004; ... WASHINGTON -- Shares of leading worldwide oil and gas companies made strong gains in February, outpacing broader equity market indices on the back of robust commodity prices. After posting a 3.4% loss in January, EIG's International Petroleum Finance Oil and Gas Index jumped ...
Pemex Loss Widens Despite Record Production in 2003.
Mar 02, 2004; ... NEW YORK -- Mexican state oil company Pemex reported a net loss for 2003 despite record production and a 30% rise in sales to $55.7 billion. The company lost $3.7 billion, after contributing $34 billion to the federal government. In 2002, Pemex lost $2.8 billion on revenue of ...
North American Gas Outlook Not So Bleak, Executives Say.
Mar 02, 2004 ... CALGARY -- North America's natural gas supply outlook may not be as grim as some forecasts would indicate, but significant contributions from existing sources will be limited, according to industry executives at the Canadian Energy Research Institute's North American Natural Gas Conference ...
Congress to Focus on Oil Supply, ANWR Against Backdrop of High Prices.
Mar 02, 2004; ... WASHINGTON -- Congress is set to focus on oil supply and demand issues and drilling in the Arctic National Wildlife Refuge (ANWR) -- two perennial partisan issues -- as oil prices remain sky-high and key US supplier Venezuela faces turmoil. Crude oil prices closed at more than ...
Lukoil to Visit Iraq for Talks on Reviving West Qurna Project.
Mar 02, 2004; ... MOSCOW -- Lukoil President Vagit Alekperov is due to visit Iraq on Mar. 10 to discuss the Russian company's participation in the multibillion-dollar West Qurna oil project. Alekperov is due to arrive in Baghdad from Saudi Arabia, where he is scheduled on Mar. 8 to sign a natural ...
Daily Oil & Gas Price Review.(Illustration)
Mar 02, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Monday, March 1, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet+0.70 ...
Stock Market Scorecard.(Illustration)
Mar 02, 2004 ... <Pre> Stock Market Scorecard Close1-Day.% Chg. Mar 01 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Occidental 46.43 +2.03 +4.57 +3.87+61.10 +10.02 Statoil ...
US Startup Targets North Sea.(Brief Article)
Mar 02, 2004 ... Former Anadarko Chief Executive John Seitz and former Ocean Energy Chief Financial Officer William Transier will jointly head Endeavour International, a new exploration and production company that will focus on the UK and Norwegian sectors of the North Sea. Endeavour will seek ...
Marathon Nixes Baja LNG Plan.(Liquified Natural Gas)(Brief Article)
Mar 02, 2004 ... Marathon Oil on Monday cancelled its plans to build a liquefied natural gas (LNG) import terminal in Tijuana, Mexico. The straw that broke the camel's back was the decision by the Baja California state government to appropriate land Marathon had optioned for its terminal and associated ...
Petroleum Development Posts Q4.(Brief Article)
Mar 02, 2004 ... Petroleum Development said Friday its income for the fourth quarter was $8 million on revenue of $59.5 million, compared with income of $3 million on revenue of $37.6 million earned in the fourth quarter of 2002. Income for the year was $22.6 million on revenue of $202.8 ...
ANS February Output Slips.(Alskan North S;ope)(Brief Article)
Mar 02, 2004 ... Alaskan North Slope (ANS) production dropped to just over 950,000 b/d in February from nearly 1 million b/d in January despite abnormally cold weather, which generally boosts production. Average production including about 26,000 b/d from the Cook Inlet area in south Alaska was ...
FX Energy Holds Well Interest.(Brief Article)
Mar 02, 2004 ... Salt Lake City-based FX Energy Monday said that it would retain a 49% interest in the Fences I project area -- except for development in and around its recent Zaniemysl-3 discovery, where CalEnergy Gas holds 24.5% and FX holds 24.5%. This results from the mutual decision of FX ...
Iraq Oil for Debt Plan Advances.(Brief Article)
Mar 02, 2004 ... Iraq's Governing Council looks set to approve a US-backed plan to borrow $1.4 billion from international banks to help rebuild the country's oil industry, politicians familiar with the plan told Reuters on Feb. 28. Revenue from Iraqi oil sales will guarantee the loan, which ...
US Gets New Advisor in Iraq.(Brief Article)
Mar 02, 2004 ... Mike Stinson took over Monday as oil adviser to the US-led Coalition Provisional Authority (CPA) in Baghdad, replacing Robert McKee, a US Army spokesman confirmed. Stinson, like McKee, is a former executive of ConocoPhillips. McKee was named to the post last September. The spokesman said ...
Pemex to Retender Two Blocks.(Brief Article)
Mar 02, 2004 ... Pemex will meet with potential contractors in Houston and Calgary this week, to get feedback on plans to reoffer two onshore blocks for multiple service contracts (MSC). The two blocks -- Ricos and Corindon-Pandura -- were spurned in the initial MSC tender late last year, and will be ...
Petroecuador To Get Face Lift.(Brief Article)
Mar 02, 2004 ... Ecuador President Lucio Gutierrez Monday declared state oil company Petroecuador to be in a state of emergency to restructure the firm and halt widespread fuel theft. The restructuring should define the firm's role in operating or regulating Ecuador's substantial oil resources, which ...
McMoRan Wants LNG Terminal.(Brief Article)
Mar 02, 2004 ... McMoRan Exploration said on Monday its Freeport-McMoRan Energy subsidiary had filed a request to build a 1 Bcf liquefied natural gas (LNG) terminal off the Louisiana coast. The filing was made to the Coast Guard, which will review the application during the 356-day period ...
Speculators Increase Net Longs.(Brief Article)
Mar 02, 2004 ... New York Mercantile Exchange (Nymex) crude oil speculators took on a fresh 4-1/2 year high net long position in the week ended Feb. 24, according to a Commodity Futures Trading Commission (CFTC) report released on Friday. Noncommercial crude oil speculators amassed 76,444 net ...
Ashland Names M&A VP.(Brief Article)
Mar 02, 2004 ... Robert C. Hughes, director of corporate business development for Ashland, has been appointed vice president, mergers and acquisitions, chemicals and transportation construction. The promotion is effective immediately. Hughes will have responsibility for directing the processes ...
US Hopes to Reconstitute Iraq Oil Company by June 30.
Mar 03, 2004 ... DUBAI -- The US-led Coalition Provisional Authority (CPA) is hoping to have a reconstituted Iraq National Oil Co. (INOC) -- the state oil company that was disbanded by former leader Saddam Hussein in the late 1980s -- in place before Jun. 30, the scheduled date for the handover of ...
Ecuador Revises Terms for Oriente Tenders.
Mar 03, 2004; ... NEW YORK -- Ecuador President Lucio Gutierrez this week camouflaged a capitulation to foreign oil companies with a massive revamp of state oil company Petroecuador. On Friday, Gutierrez fired several top officials in the state petroleum, electricity and telecommunications ...
Exxon Mobil-led Consortium Strikes Again in Angola's Deepwater.
Mar 03, 2004 ... LONDON -- An international consortium led by Exxon Mobil has struck oil in Angola's deepwater Block 15, marking the seventeenth find on the tract so far. The Bavuca-1 well was drilled in 1,094 meters of water to a total depth of 3,235 meters. The well tested at a flowrate of ...
Traders Fear Speculative Oil Selling on Strengthening Dollar.(Brief Article)
Mar 03, 2004 ... NEW YORK -- Nymex April crude futures gave up 20cents to close at a robust $36.60 in hectic trading on Tuesday as traders asked how much higher oil prices can go before speculators will start unwinding their massive long positions, and send prices down in an avalanche of futures sales. ...
Canada Debate Over Land Access Has Different Focus Than in US.
Mar 03, 2004 ... CALGARY -- Debates about land access focus on different issues in Canada than in the US, but the topic is still just as hot. In the US, the land access issue generally refers to government-owned lands off limits to drilling by statute or regulatory decree. Geographically, these ...
Penn West Considers Changing to Income Trust Structure.
Mar 03, 2004; ... HOUSTON -- Penn West Petroleum, a mid-sized Canadian independent, is mulling over the idea of converting into an income trust, a type of financial structure that eases the tax burden on the company and provides investors with steady returns. "If you look at Penn West, our ...
Iraq Output Climbing, Should be Back to Normal by Handover.
Mar 03, 2004; ... DUBAI -- For the first time since the end of the Iraq war in April 2003, Iraq's oil production has hit the 2.5 million barrel per day mark and, according to the coalition forces' outgoing chief oil adviser, Robert McKee, is on course to reach 3 million b/d by Jan. 1, 2005. ...
PetroTimor Tries New Tack in Bid to Regain Colonial Claim.
Mar 03, 2004; ... SINGAPORE -- Having failed to get legal satisfaction in Australia, a US minnow has filed suit in Washington, DC, accusing the governments of Australia, East Timor and Indonesia -- as well as US major ConocoPhillips -- of conspiring to seize control of lucrative oil and gas fields off East ...
All Eyes on Kerr-McGee's Innovative Red Hawk Platform.
Mar 03, 2004; ... HOUSTON -- An innovative deepwater platform nearing completion in a fabrication yard near Corpus Christi, Texas, has set off a buzz of interest within the offshore oil and gas industry. The floating "cell spar" platform is being built for Kerr- McGee's Red Hawk gas field in the ...
Heating Degree Days Table.(Illustration)
Mar 03, 2004 ... <Pre> Heating Degree Days Week Dev Cum Dev For week of From FromFrom February 28, 2004 Week From Year Cum From Norm Year ...
Daily Oil & Gas Price Review.(Illustration)
Mar 03, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Tuesday, March 2, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet...
Stock Market Scorecard.(Illustration)
Mar 03, 2004 ... <Pre> Stock Market Scorecard Close1-Day.% Chg. Mar 02 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Murphy Oil 64.31 -0.45 -0.69 +3.06+52.83-1.17 ...
Suncor to Boost Production.(Suncor Energy Inc.)(Brief Article)
Mar 03, 2004 ... Alberta authorities have approved plans by Suncor Energy to expand its oil sands upgrading facilities in order to increase production capacity to 330,000 b/d by late 2007. The Alberta Energy and Utilities Board approval last week gives Suncor the go-ahead to construct a pair of ...
Marathon Restarts Brae Output.(Brief Article)
Mar 03, 2004 ... Marathon Oil said on Tuesday production had resumed at two of three North Sea platforms shutdown in a safety scare on Monday at the Brae oil and natural gas fields off Scotland. "Brae Alpha and East Brae have both restarted and are nearly back up to the production levels they ...
XTO Increases Proved Reserves.(Brief Article)
Mar 03, 2004 ... XTO Energy Tuesday said that Miller and Lents, independent petroleum engineers, estimate XTO's proved oil and gas reserves at a record 4.185 Tcfe of gas, up 24% compared with 3.372 Tcfe at year-end 2002. During 2003, XTO Energy added 1.110 Tcfe, replacing 388% of production ....
Carrizo Reserves at 70.4 Bcfe.(Brief Article)
Mar 03, 2004 ... Houston-based Carrizo Oil & Gas said Tuesday that 2003 year- end proved reserves were a record 70.4 Bcfe based on reports from its third-party reserve engineers. This is an increase of 11% over the year-end 2002 proved reserves of 63.2 ...
Plains Closes Pipeline Deal.(Brief Article)
Mar 03, 2004 ... Plains All American Pipeline said Tuesday that it closed the acquisition of Shell Pipeline Company's interests in entities that own an approximate 22% interest in the Capline Pipeline System and ...
Baker Hughes Sells Interest.(Brief Article)
Mar 03, 2004 ... Baker Hughes said that it has completed the sale of its minority interest in Petreco International to Cooper Cameron. The sales price was ...
Regency Buys Duke Assets.(Brief Article)
Mar 03, 2004 ... Duke Energy Field Services said Tuesday it completed the $62 million sale of its West Texas assets to a Regency Gas Services affiliate. Regency Gas Services is a private, Dallas-based natural gas midstream company providing natural gas gathering and processing services. Regency ...
Enbridge Buys Oneok Assets.(Brief Article)
Mar 03, 2004 ... Palo Duro Pipeline Co., a subsidiary of Oneok, Monday closed on the sale of 400 miles of natural gas transmission and gathering pipelines and compression to an affiliate of Houston-based Enbridge Energy Partners. The sale price was approximately $13 million. The sale, which was ...
Encore to Buy Cortez Assets.(Cortez Oil and Gas)(Brief Article)
Mar 03, 2004 ... Encore Acquisition on Tuesday said it has agreed to buy privately held Cortez Oil & Gas for $123 million in a deal that will increase its production and reserves. Fort Worth, Texas-based Encore estimates that Cortez has total proved reserves of 15 million boe. Cortez's ...