The Oil Daily back issues from May 2004:
Chevron's Output Declines Concern Wall Street.
May 03, 2004 ... WASHINGTON -- ChevronTexaco posted record first-quarter profits Friday that exceeded Wall Street estimates but the company still came under fire for rapidly declining oil and natural gas production volumes. Chevron reported first quarter net income of $2.56 billion ...
Majors Probe Gulf of Mexico Ultra-Deep Shelf Play.
May 03, 2004 ... HOUSTON -- Maybe it's too early to write off the shallow waters of the Gulf of Mexico as a fertile basin for oil and natural gas exploration. Despite talk of the majors abandoning the Gulf of Mexico shelf to concentrate on deepwater exploration, some of the industry's biggest ...
Senate May Consider $13 Billion in Energy Tax Incentives.
May 03, 2004 ... WASHINGTON -- In yet another attempt to address energy, the Senate this week is likely to consider $13 billion in tax benefits to boost domestic energy production -- a measure that has substantial support in Congress. On the Senate agenda this week is a corporate tax bill that ...
Gasoline Fears and Expiration Keep Crude Oil Well Above $37.
May 03, 2004 ... NEW YORK -- Renewed fears that US refinery output and product imports combined will not be able to cover summer gasoline demand supported prices of crude oil and catapulted gasoline futures to a new record on the New York Mercantile Exchange (Nymex) Friday. News of a number of ...
Domestic Oil Steady Amid Low Volumes, but Mars Continues Flirt With Contango.
May 03, 2004 ... NEW YORK -- Domestic US sweet and sour differentials were steady to slightly stronger last week on relatively low trading volumes, but the market's undertone remains relatively weak as plenty of imported sour crude is available, traders said Friday. One trader added the imports ...
Was Hubbert Right About Oil Decline?(Hubbert, M. King, geoscientist)
May 03, 2004 ... HOUSTON -- Thursday traditionally has been wind-down day at the Offshore Technology Conference, but this year, the technical program for the conference's final morning addresses one of the hottest and most controversial issues the industry faces today: Is the world's oil supply in an ...
Despite Discoveries, Gulf of Mexico Oil Output Nears its Peak.
May 03, 2004 ... HOUSTON -- Assuming BP's billion-barrel Thunder Horse field comes on stream as scheduled next year, oil production from the Gulf of Mexico should hit the 2 million barrel per day mark, thus matching Alaska's peak output which occurred in 1988. With the aid of another big BP ...
New OTC Award For Innovation Shines Light on Service Firms.(Offshore Technology Conference)
May 03, 2004 ... HOUSTON -- This year's Offshore Technology Conference (OTC) in Houston from May 3 to 6 will shine a spotlight on 15 innovative gadgets and gizmos that are helping companies to extract hydrocarbons more efficiently from deep beneath the ocean floor. The "Spotlight on New ...
Jack-Up Rig Movements to Lift Drilling Dayrates Worldwide.
May 03, 2004 ... HOUSTON -- Tidewater's decision last month to scrap or sell 83 supply vessels in its Gulf of Mexico fleet signals that drilling conditions in the US Gulf are not likely to improve anytime soon. In announcing plans to restructure its fleet, New Orleans- based Tidewater, which is ...
Canada's Precision Drilling Reports Record Quarter; Eyes Mideast.
May 03, 2004; ... HOUSTON -- Rig contractor Precision Drilling has long been known for its dominant position in Western Canada's drilling market. But with the Calgary-based company's plate already full in Canada, Precision is betting that its purchase of GlobalSantaFe's land drilling business will boost its ...
Anadarko Fights Rising Service Costs by Drilling Faster.(Anadarko Petroleum Corp. )
May 03, 2004; ... HOUSTON -- Anadarko Petroleum says it is facing rising costs for services and equipment in North America but has been able to offset the cost creep by drilling wells more efficiently. Vice President for US Onshore and Offshore Mark Pease said the cost of steel casing and drill ...
TransCanada, Enbridge Take Lead in Alaskan Pipeline Venture.(TransCanada PipeLines Ltd.)
May 03, 2004; ... HOUSTON -- Alaska's North Slope and its 35 trillion cubic feet of stranded natural gas may lie in US territory, but the pipeline that eventually will carry those molecules to markets in the US lower-48 states could well be owned by two Canadian firms. That outcome looks more ...
Trading Jitters Push Natural Gas Higher For May on the Nymex.(New York Mercantile Exchange)
May 03, 2004; ... WASHINGTON -- End-users will be paying up for baseload natural gas this month thanks to a three-day, 36cents rally toward $6/MMBtu as the May front-month contract rolled off the board last week on the New York Mercantile Exchange. Higher bid-week prices could cut end-user demand near term ...
Canadian Gas Storage.(Brief Article)
May 03, 2004 ... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 16.6 Bcf to 160.5 Bcf for the week ended Apr. 23. Storage caverns are 32.3% full, up from 29.0% last week and 19.1% a year ago. <Pre> (Bcf) ...
Baker Hughes.(demand of oil drilling rigs)(Brief Article)
May 03, 2004 ... US Rig Count Jumps by 15 The number of rigs searching for oil and gas in the US rose by 15 to 1,161 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,001. The number of rigs searching for oil in the US rose nine to ...
Daily Oil & Gas Price Review.(Illustration)
May 03, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Friday, April 30, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet...
Stock Market Scorecard.(petroleum industry)(Illustration)
May 03, 2004 ... <Pre> Stock Market Scorecard Close1-Day.% Chg. Apr 30 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Murphy Oil 68.50 +2.01 +3.02 +6.00+57.47+5.27 BP ...
St. Mary Down on Prices.(St. Mary Land and Exploration Co.)(Brief Article)
May 03, 2004 ... Colorado-based St. Mary Land & Exploration announced Friday that first quarter net income fell 21% to $21.5 million from $27.4 million a year ago following a roughly 3% fall in revenue to $97 million. Even though St. Mary realized a 10% increase in oil output to 1.4 million bbl ...
Iraqi Exports Holding Up.(Brief Article)
May 03, 2004 ... Competing with record postwar levels in March, and despite failed attacks on its Mideast Gulf export facilities, Iraq exported an estimated 2 million b/d in April, according to Energy Intelligence calculations based on tanker loadings. The figure includes Iraq's two Mideast Gulf ports and ...
TransCanada Nears Pipeline Deal.(TransCanada PipeLines Ltd.)(Brief Article)
May 03, 2004 ... Canadian pipeline company TransCanada has moved closer to acquiring a 1,350-mile, 3 Bcf/d natural gas pipeline in the US Pacific Northwest. National Energy & Gas Transmission said late Thursday it has accepted TransCanada's $1.7 billion bid to buy its subsidiary Gas Transmission ...
Range Buys Unnamed Reserves.(Range Resources Corp.)(Brief Article)
May 03, 2004 ... Independent oil and gas producer Range Resources announced Friday that it has acquired an unnamed, privately held company owning producing oil and gas properties in the Permian Basin for $22.5 million with approximate reserves of 22 Bcfe. Oil comprises 75% of the production and 52% of the ...
Keyspan to Sell Houston Share.(Houston Exploration Co.)(Brief Article)
May 03, 2004 ... Brooklyn-based KeySpan will sell or spin off its remaining 55% stake in US energy producer The Houston Exploration this year, Chairman and Chief Executive Robert Catell said. KeySpan, the largest distributor of natural gas in the Northeast, has been reducing its stakes in ...
K-M Reports Pipeline Leak.(Kinder Morgan)(Brief Article)
May 03, 2004 ... Pipeline operator Kinder Morgan reported Friday that its 14- inch underground pipeline between Concord, California, and Sacramento leaked about 1,500 bbl of diesel fuel into 15-20 acres of the Suisun Marsh southwest of Sacramento. The company said the release was contained and ...
XTO Pays Up For Onshore US Assets From Exxon.(XTO Energy Inc.)(Exxon Mobil Corp.)
May 04, 2004 ... WASHINGTON -- Never shy about pulling the trigger on a major deal, XTO Energy announced Monday the acquisition of producing properties in the Permian and Powder River basins from Exxon Mobil for roughly $340 million -- an expensive deal analysts say reflects the independent producer's ...
Oil Well Firefighters Boots & Coots Revamps Strategy.(Boots & Coots International Well Control Inc.)
May 04, 2004 ... HOUSTON -- Fighting oil well fires is a highly lucrative business, but the revenue stream is equally unpredictable. Consequently, long-time well firefighting company Boots & Coots is revamping its strategy to increase revenue from regularly recurring sources, said Jerry ...
EOG Says Barnett Shale Could Have Huge Impact on Reserves.(EOG Resources Inc.)(Barnett Shale natural gas )
May 04, 2004 ... HOUSTON -- EOG Resources said Monday that drilling results in the Barnett Shale natural gas play in North Texas have exceeded its expectations and could ultimately add 500 billion to two trillion cubic feet of gas to its reserves. Chairman and Chief Executive Mark Papa said the ...
Nymex Futures Continue Record-Breaking Run After Saudi Attack.(gasoline supply)(Brief Article)
May 04, 2004 ... WASHINGTON -- US gasoline futures closed at another record- high on Monday while crude futures hit their highest settlement price in more than 13 years, as news of a fatal shooting of oil workers in Saudi Arabia and reports and rumors of US refinery outages sparked nervous buying. ...
Big Oil Shares Outpace Broader Marker in April.(petroleum industry)
May 04, 2004 ... WASHINGTON -- Shares of leading worldwide oil and gas companies outperformed the broader equity market in April, powered by high oil and gas prices, robust refining margins and announcements of record first-quarter profits. EIG's International Petroleum Finance Oil and Gas ...
Yukos Shares Extend Losing Streak as Lenders Warn of Default.(YUKOS Oil Co.)
May 04, 2004 ... WASHINGTON -- Shares of beleaguered Russian oil major Yukos continue on their downward slope, slumping nearly 11% last week after the company's bankers warned of a massive default as shareholders threatened lawsuits amid a Kremlin crackdown on the company. Last week's slide ...
Talisman Energy Buys First Set of Intrepid North Sea Assets.(Intrepid Energy group)
May 04, 2004 ... VANCOUVER -- Canada's Talisman Energy said Monday it had completed the acquisition of the Flotta Catchment Area (FCA) assets in the North Sea from UK independent Intrepid Energy group, for US$137.5 million. The deal is effective Jan. 1, and the price will be adjusted for ...
Indies Seek New Deepwater Royalty Trigger and Help in Producer-LNG Clash.
May 04, 2004 ... WASHINGTON -- US independent producers are calling on Interior Secretary Gale Norton to revise existing royalty incentives and to step in and resolve conflicts of interest between offshore producers and liquefied natural gas (LNG) proponents. Independents, a major presence in ...
Nymex Gas Futures Soar With Energy Jitters.(Brief Article)
May 04, 2004 ... HOUSTON -- An early session bullish trickle turned into a midday torrent in Nymex natural gas futures trading Monday as the June contract spiked up 36.9cents to close at $6.231 per million BTU. Traders said the rise to a late session high $6.25 was closely linked to general ...
High Oil Prices Pose Clear Risk to Global Economy: IEA Study.
May 04, 2004 ... NEW YORK -- High oil prices have a clear impact on the global economy, but tend to hit poorer countries harder than wealthier ones, according to a new study released Monday by the Paris-based International Energy Agency (IEA). "Higher prices can still inflict substantial damage ...
Saudi Aramco Sold on SmartWell System.(Saudi Arabian Oil Co.)
May 04, 2004 ... HOUSTON -- Saudi Arabia's giant Shaybah field should continue to produce at 500,000 barrels of oil per day for 50 years or more, thanks to continued application of advances in production technology, a Saudi Aramco executive said Monday at the Offshore Technology Conference in Houston. ...
Aramco Boasts of Tight Security at Facilities in Oil Heartland.(Saudi Arabian Oil Co.)
May 04, 2004 ... DUBAI -- The fact that Saturday's attacks in Saudi Arabia took place just outside a massive petrochemicals complex will likely have caused some nervousness at Saudi Aramco. The state oil giant prides itself on super-tight security that would make it difficult, if not impossible, ...
Heating Degree Days.(Illustration)
May 04, 2004 ... <Pre> Heating Degree Days Week Dev Cum Dev For week of From FromFrom May 1, 2004 Week From Year Cum From Norm Year ...
Daily Oil & Gas Price Review.(Illustration)
May 04, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Monday, May 3, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet+0.83 ...
Stock Market Scorecard.(Illustration)
May 04, 2004 ... <Pre> Stock Market Scorecard Close1-Day.% Chg. May 03 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Amerada Hess 73.92 +2.79 +3.92+10.79+64.05 +40.05 ...
El Paso Reserves Reviewed.(Brief Article)
May 04, 2004 ... El Paso announced Monday results from an independent audit by Haynes and Boone which found employees used aggressive and at times unsupportable methods to book proved reserves of oil and natural gas. Certain employees also provided proved reserve estimates that they knew or ...
Dominion Finds Gas in Gulf.(Dominion Energy Inc.)(Brief Article)
May 04, 2004 ... Dominion Energy said Monday that it has found 100 net feet of natural gas pay from a well in its San Jacinto Prospect in the eastern Gulf of Mexico. The pay was found in multiple reservoir sands 15,829 feet down in Desoto Canyon block 618, about 100 miles off the Louisiana ...
Penn Virginia Boosts Output.(Brief Article)
May 04, 2004 ... Penn Virginia Corp., an independent oil and natural gas producer, announced Monday that it was able to increase production in the first quarter of 2004 by 11% to 6.5 Bcfe from the same period last year due in large part to the company's new wells in its Selma Chalk fields in ...
Halliburton Wins Norway Work.(Sperry-Sun Drilling Services Inc.)(Brief Article)
May 04, 2004 ... Halliburton subsidiary Sperry-Sun has been awarded a three- year, $130 million contract to provide drilling services for ConocoPhillips' North Sea operations. The agreement includes options to extend the deal for as much as ...
Alaskan Output on Downtrend.(British Petroleum Company PLC, Northstar field)(Brief Article)
May 04, 2004 ... Alaskan production declined by about 30,000 b/d to just over 1 million b/d last month as a result of warming temperatures and work on a crude oil stabilizer at BP's Northstar field, according to data from the Alaskan Department of Revenue's Tax Division. Northstar was ...
Camacho Is Petroecuador Chief.(Luis Eduardo Camacho)(Petroleos del Ecuador)(Brief Article)
May 04, 2004 ... Ecuador president Lucio Gutierrez Saturday named Luis Eduardo Camacho president of state-owned Petroecuador. Former Petroecuador president Pedro Espin resigned Wednesday as part of Gutierrez' shuffling of state energy sector executives (OD Apr.29,p1). Camacho said he would ...
Ecopetrol, Union to Meet.(Empresa Colombiana de Petroleos S.A.)(Brief Article)
May 04, 2004 ... Ecopetrol and leaders of its striking labor union will meet this week to discuss energy policy, the Colombian state oil company said Saturday. Friday, Ecopetrol made good its threat to fire striking workers by dismissing 17 members of the Union Sindical Obrera (USO) who it said organized ...
California Pipeline Reopens.(Brief Article)
May 04, 2004 ... Pipeline operator Kinder Morgan said Sunday that it has reopened its 14-inch Concord, to Sacramento, California, pipeline after a leak forced the company to the shut the line Friday. According to Kinder Morgan, officer from the Department of Transportation's Office of Pipeline ...
Shell Unit Down for Repairs.(Brief Article)
May 04, 2004 ... Shell said Monday it would reduce output at a catalytic cracker at its Deer Park, Texas, refinery during maintenance scheduled to begin on Thursday, according to a filing with the Texas Natural Resource Conservation Commission. The refinery fuel gas treater will shut down for ...
Fluor Gets Canada Diesel Deal.(Fluor Canada Ltd.)(Brief Article)
May 04, 2004 ... Fluor said Monday that it won a $244-million contract to produce ultra-low-sulfur diesel fuel in partnership with Shell Canada under the Canadian government's new standards for diesel fuel. According to Fluor, the company will design and build new diesel hydrotreater units at ...
Motiva Delaware Deal Done.(Motiva refinery)(Brief Article)
May 04, 2004 ... Independent refiner Premcor took possession Saturday of the 180,000 b/d Delaware City, Delaware, Motiva refinery, completing a $900 million deal announced in February. Jointly owned by Royal Dutch/Shell and Saudi Aramco, the sale of the Delaware City refinery was part of Shell's ...
Evergreen Deal Invites Scrutiny for Pioneer.(Evergreen Resources Inc.)(Pioneer Natural Resources Co.)
May 05, 2004 ... WASHINGTON -- Is there something rotten in Denver? That's what investors were trying to determine on Tuesday after Rocky Mountains producer Evergreen Resources agreed to sell itself to Pioneer Natural Resources at a discount to its market value. Pioneer Chairman and Chief ...
Canada Suspends Duty on Offshore Vessels.
May 05, 2004 ... HOUSTON -- Canada is suspending for the five years its onerous duty on offshore drilling vessels brought in from abroad, John Efford, the country's minister of natural resources, said Tuesday at the Offshore Technology Conference. The tax averaged C$50,000 per day, Efford said, ...
Cooper Cameron Unveils New Subsea Management System.
May 05, 2004 ... HOUSTON -- Some of the equipment and tools displayed at the annual Offshore Technology Conference may seem to the untrained eye as Rube Goldberg sorts of gadgets, but these complex assemblies of pipes, tubes, meters and valves have the potential to save their users millions of dollars in ...
Oil Futures Breaking Records as Traders Await Stocks Data.
May 05, 2004 ... WASHINGTON -- Oil futures continued their record-breaking pace on Tuesday, bolstered by ongoing Mideast security fears and supply angst heading into the key summer driving season. The prompt crude contract on the New York Mercantile Exchange soared to a session high of $39.15 ...
Schlumberger Upbeat About Subsea Completion Opportunities.(Schlumberger Ltd.)
May 05, 2004 ... HOUSTON -- Oil field services giant Schlumberger says it is well placed to benefit from what it expects to be a strong market for subsea well completions and related equipment and services over the next few years. In particular, the company has high hopes for its new Subsea ...
Emerging Plays Could Help Gulf of Mexico Output Bounce Back.(Offshore Technology Conference)
May 05, 2004 ... HOUSTON -- Senior executives of independent US oil and gas companies said Tuesday that emerging exploration plays in the Gulf of Mexico could enable the region to bounce back from its recent downward trend in production. Noble Energy Chief Executive Charles Davidson, briefing ...
Licensing Rounds, Asset Sales Keep Interest High in UK North Sea.
May 05, 2004 ... HOUSTON -- Monday's deal between Canada's Talisman Energy and UK independent Intrepid Energy did not come as much of a surprise to government officials who oversee the UK North Sea. Senior officials say that their policies, combined with sufficient existing infrastructure, ...
Will Lenders Respond to PDV's Need for Outside Financing?(Petroleos de Venezuela S.A.)
May 05, 2004; ... WASHINGTON -- Venezuela's state oil giant Petroleos de Venezuela (PDV) will pay 73% -- or roughly $27 billion -- of its $37 billion 2004-09 Investment Plan out of its own pocket, and plans to get the rest from Japanese, Chinese and US banks. But analysts remain skeptical about PDV's ...
Oil Prices Have Record Month Despite Weak Fundamentals.
May 05, 2004 ... NEW YORK -- Prices continue to derive considerable support from fears of US gasoline shortages this summer; geopolitical uncertainties in Iraq, Saudi Arabia and elsewhere; and long speculative positions. Despite an apparent global excess supply in April, WTI averaged $37.38/bbl ...
Daily Oil & Gas Price Review.(Illustration)
May 05, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Tuesday, May 4, 2004 Light Sweet Futures -- Prompt Month ($/barrel)t 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet+0.77 ...
Stock Market Scorecard.(petroleum industry)(Illustration)
May 05, 2004 ... <Pre> Stock Market ScorecardClose1-Day. % Chg. May 04 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Statoil 12.69 +0.28 +2.26 -3.35+56.86 +11.90 Marathon ...
Noble Q1 Income Doubles.(Noble Energy )(Brief Article)
May 05, 2004 ... Independent producer Noble Energy Tuesday said its quarterly profit more than doubled as crude oil and natural gas prices neared historic highs and production volumes surged. The Houston-based company reported first-quarter net income of $85.5 million up from $34.9 million in ...
Talisman Income Slips.(Talisman Energy Inc.)(Brief Article)
May 05, 2004 ... Talisman Energy, Canada's second-largest oil explorer, said Tuesday first-quarter net income slipped as a stronger Canadian dollar and higher US natural gas prices reduced company revenues. Talisman, known for operations in North America, the North Sea and Southeast Asia, earned ...
Comstock Net Plunges in Q1.(Comstock Resources Inc.)(Brief Article)
May 05, 2004 ... Comstock Resources said Tuesday that first-quarter results were affected adversely by expenses related to the retirement of debt and lower realized prices for oil and natural gas. The Frisco, Texas-based company said revenue was $60.8 million, an 11% decrease from the first ...
PetroKazakhstan Net Jumps.(Brief Article)
May 05, 2004 ... First-quarter profit at PetroKazakhstan jumped nearly 28% as the oil producer and refiner increased volumes and benefited from robust oil prices, it said Tuesday. PetroKazakhstan, a Canadian-based company that operates solely in the central Asian country, earned $87.5 million, ...
Nexen Down on Strong CA Dollar.(earnings)(Brief Article)
May 05, 2004 ... First-quarter income at Nexen fell 24% as the strong Canadian dollar chewed away the impact of higher crude prices, the country's fourth-largest oil explorer and producer said Tuesday. Nexen, which operates in the US Gulf of Mexico, Yemen, offshore West Africa as well as at ...