The Oil Daily back issues from August 2004:
Kerry Energy Vows Provoke Praise and Protest.
Aug 02, 2004 ... WASHINGTON -- US energy independence is the keystone of Democratic presidential nominee John Kerry's ambitious energy policy. That should come as no surprise since the candidate's political career is heavily marked by efforts to reduce oil consumption. But in his nearly two decades in the ...
Oil Reaches New High, Breaches $43/bbl Barrier.
Aug 02, 2004 ... WASHINGTON -- Oil prices continue to astound. Crude futures climbed to new record of $43.85 per barrel Friday on worries that global supply may be stretched to its limits, as tensions linger over Russian oil producer Yukos' fight with the Kremlin. The rise in prices came despite ...
Anadarko Raises Spending to Put K2 North Field on Fast Track.(Anadarko Petroleum Corp.)
Aug 02, 2004 ... HOUSTON -- Anadarko Petroleum has increased capital spending for the current year to accelerate development of its K2 North deepwater field in the Green Canyon area of the Gulf of Mexico. Anadarko also disclosed that it recently bought back $150 million worth of its own stock ...
Record Crude Prices Support Gas Despite Cool Weather.
Aug 02, 2004 ... WASHINGTON -- After weathering an unusually weak demand period in late July, indicators are trending more bullish in natural gas markets with supportive weather in forecasts, crude hitting record highs and tropical storm activity heating up in the Atlantic Basin. Crude markets, ...
Profits Impress, But Production Disappoints at ChevronTexaco.
Aug 02, 2004 ... HOUSTON -- ChevronTexaco reported second-quarter earnings that blew away Wall Street forecasts on Friday. Despite the strong financial results, some analysts expressed concerns about the US major's declining oil and gas production volumes, particularly at a time when some rivals appear to ...
Sweet-Sour Spread Widens in US As Yukos Threat Fails to Support Sour Market.(YUKOS Oil Co.)
Aug 02, 2004 ... WASHINGTON -- The premium for sweet crudes over sour grades widened to about $6 per barrel in the US spot market last week, as refiners showed a preference for gasoline-rich sweets while Opec continued to supply the market with additional barrels of heavier, sour grades. The ...
Gap in Near-Term Natural Gas Supply Widens Ahead of LNG Boom.
Aug 02, 2004 ... HOUSTON -- So far North America has dealt with the ongoing decline in US lower-48 gas production by letting price allocate supply. At $6 per million Btu, industrial and chemical manufacturers have moved operations offshore whenever possible to take advantage of cheaper feedstock, switched ...
Canadian Gas Storage.(Brief Article)
Aug 02, 2004 ... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 9.8 Bcf to 371.8 Bcf for the week ended Jul. 23. Storage caverns are 74.9% full, up from 72.9% the previous week and 65% a year ago. (Bcf) <Pre> ...
Baker Hughes Rig Count.(Brief Article)
Aug 02, 2004 ... US Rig count Rises by 13 The number of rigs searching for oil and gas in the US rose by 13 to 1,229 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,097 rigs in operation. The number of rigs searching for oil in the ...
Daily Oil & Gas Price Review.(Illustration)
Aug 02, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Friday, July 30, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet+1.05 ...
Stock Market Scorecard.(petroleum industry)(Illustration)
Aug 02, 2004 ... <Pre> Stock Market Scorecard Close1-Day% Chg. 7/30 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Statoil 12.50 +0.27+2.21%-1.81% +44.84% +10.23% ConocoPhillips ...
Yukos Given Month to Pay.(YUKOS Oil Co.)(Brief Article)
Aug 02, 2004 ... Russian bailiffs on Friday gave oil major Yukos a month to pay its $3.4 billion tax debt, easing fears of an imminent break-up of the company. Chief bailiff Andrei Belyakov told Interfax news agency that the company had paid 20% of its back taxes for 2000, and that executives ...
Traders Lower Net Longs.(Brief Article)
Aug 02, 2004 ... Noncommercial crude oil speculators on the New York Mercantile Exchange (Nymex) decreased their net long positions in the week ended Jul. 27, the Commodity Futures Trading Commission (CFTC) said Friday. Noncommercial crude speculators trimmed net long positions to 33,701 from ...
Plains to Swap $250M in Notes.(Plains All American Pipeline L.P., PAA Finance )(Brief Article)
Aug 02, 2004 ... Plains All American Pipeline announced Friday that its financial subsidiary PAA Finance will exchange $250 million in 5.625% senior unregistered notes for registered senior notes of the same interest rate. The notes were issued in December 2003 and are due in 2013. According to ...
AEP Earnings Fall 43%.(American Electric Power Company Inc. )(Brief Article)
Aug 02, 2004 ... American Electric Power, the top US power producer, reported Friday that second quarter net income fell 43%, hurt by higher maintenance costs stemming partly from severe storms in several states. But the company's core utility operations reported higher profit margins, helped by ...
Corocoro Output Seen in 2006.(ConocoPhillips)(Brief Article)
Aug 02, 2004 ... ConocoPhillips expects to begin producing 70,000 b/d of oil at its Corocoro field in northeastern Venezuela in 2006, a company official said. "We are expecting to have production between the third and fourth quarter of 2006," Nelson Oliveros, a ConocoPhillips infrastructure ...
Marathon to Develop Norway Field.(Marathon Ashland Petroleum L.L.C.)(Brief Article)
Aug 02, 2004 ... US integrated oil firm Marathon has filed a plan for developing the North Sea Alvheim oilfield off Norway and expects it to produce over 70,000 b/d beginning in 2007, Norwegian officials said on Friday. Oslo's Oil and Energy Ministry said in a statement that reserves available ...
Sixth LNG Train OK'd in Nigeria.(Nigeria LNG Ltd.)(Brief Article)
Aug 02, 2004 ... Nigeria LNG (NLNG) has given the formal go-ahead for the construction of a sixth LNG train at its facility at Bonny in Nigeria, NLNG partners Eni, Total and Royal Dutch/Shell announced Friday. The sixth train, which will begin operations in 2007, will have a capacity of 4.1 ...
Audit Criticizes Iraq Spending.(Brief Article)
Aug 02, 2004 ... An audit released this week accused the former US-led Coalition Provisional Authority (CPA) of failing to keep proper control of nearly $1 billion in funds earmarked for reconstruction in Iraq. The CPA, which handed over authority to an interim Iraqi government at the end of ...
Enterprise, GulfTerra Approve Merger.(GulfTerra Energy Partners and Enterprise Products Partners )(Brief Article)
Aug 02, 2004 ... Unitholders of GulfTerra Energy Partners and Enterprise Products Partners approved the merger of the two publicly traded partnerships Thursday. However, the Federal Trade Commission must still approve the proposal before the merger can be completed, likely in the third quarter. ...
Offshore LNG Hub Examined.(Freeport McMoran's planned LNG terminal )(Brief Article)
Aug 02, 2004 ... The Coast Guard and the Maritime Administration (MARAD) have started the environmental impact assessment for Freeport McMoran's planned LNG terminal offshore Louisiana. The company proposes to build the Main Pass Energy Hub, which can hold 1 Bcf of LNG, on a disaffected sulfur ...
Total Plans Refinery Outage.(Brief Article)
Aug 02, 2004 ... French major Total will shut its 156,000 b/d Mardyck refinery in the third week of August for eight weeks of scheduled maintenance, a source familiar with the refinery's operations told Reuters on Friday. "It's a full shutdown, all units will be cold," the source said. Total ...
Contractors Face Land Disputes in Mexico.
Aug 03, 2004 ... Potential bidders for Mexico's second round of multiple service contracts (MSC) are keeping a close eye on first- round contractors' progress. Drilling gets underway this summer in the Burgos basin, and some contractors are finding that the surface politics are as convoluted as the ...
Unocal Lowers 2004 Output Forecast.
Aug 03, 2004 ... Leading US independent producer Unocal is scrapping a policy of providing investors with its best forecast of future oil and gas production after watching actual volumes fall short of its estimates too often. "Because recent actual production levels have often fallen below ...
Schwarzenegger May Have Trump To End LNG Terminal Dispute.
Aug 03, 2004 ... The ongoing dispute between the federal government and the California Public Utilities Commission (CPUC) over who has the legal right to determine the location of liquefied natural gas (LNG) terminals may end in a whimper -- not a bang -- according to a California assemblyman. ...
Oil Futures Inch Up to a New Record Close of $43.82.(Brief Article)
Aug 03, 2004 ... Crude oil futures reached a new record high of $43.94 per barrel Monday on the Department of Homeland Security's new terrorism alert and the continued uncertainty surrounding the future of Russian oil major Yukos. Prices surged initially in response to Sunday's announcement by ...
Evergreen Yet to Find Buyer For Kansas Assets Ahead of Pioneer Merger.
Aug 03, 2004 ... Coalbed methane producer Evergreen Resources has not yet found a buyer for its Forest City Basin acreage in eastern Kansas ahead of its acquisition by Pioneer Natural Resources, which is expected to close in September. Denver-based Evergreen said it has not received an ...
UK Indie Northern Petroleum Posts Week's Best Share Gain; Yukos' Tax Fiasco Sinks Stock.
Aug 03, 2004 ... Independent producers from the UK and Canada posted the top share price gains in the energy sector last week, while beleaguered Russian oil giant Yukos suffered the worst loss, according to data compiled by consultant John S. Herold. London-based Northern Petroleum Plc., an ...
Saudi Output Capacity Needs to Rise Soon.
Aug 03, 2004 ... The time has come for Saudi Arabia to move forward with a significant expansion of its oil production capacity. Such a move has been under consideration within the government and Saudi Aramco for some time, but there has been a reluctance to move forward prematurely and risk ...
Cooling Degree Days.(Illustration)
Aug 03, 2004 ... <Pre> Cooling Degree Days Week DevCum Dev For week of From FromFrom July 31, 2004 Week From Year Cum From Norm ...
Oil & Gas Share Gainers and Decliners For The Week Ended Jul. 30, 2004.(Illustration)
Aug 03, 2004 ... Oil & Gas Share Gainers and Decliners For The Week Ended Jul. 30, 2004 <Pre> Top 15 Gainers Close Close Company Ticker30-Jul23-Jul %chg Northern Petroleum NOP LN 7.5 6.3 20.00% First Calgary FCP CN ...
Daily Oil & Gas Price Review.(Illustration)
Aug 03, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Monday, August 2, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light Sweet+0.02 ...
Stock Market Scorecard.(Illustration)
Aug 03, 2004 ... <Pre> Stock Market Scorecard Close1-Day% Chg. 8/2 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors Shell T & T 44.22 +0.42+0.96%-1.99% +12.92% -1.36% ChevronTexaco...
Entergy-Koch Sale Heats Up.(Brief Article)
Aug 03, 2004 ... Entergy on Monday said it is in advanced talks for the sale of Entergy-Koch LP, a marketing and trading joint venture with privately held Koch Industries, and the two partners also plan to sell Gulf South Pipeline Co. LP. Since Entergy said in June it was considering a sale of ...
Carrizo Ups Output 18%.(Brief Article)
Aug 03, 2004 ... Carrizo Oil & Gas announced Monday that it produced an estimated 1.99 Bcfe (20.8 MMcfe/d) during the second quarter of 2004, an increase of 18% from the 1.68 Bcfe (18.4 MMcfe/d) it produced during the same period in 2003. According to Houston-based Carrizo, 75% of its second- ...
Hess Equatorial Guinea Plan OK'd.(Brief Article)
Aug 03, 2004 ... Amerada Hess announced Monday that the government of Equatorial Guinea has approved its development plans for the four reservoirs of its offshore Northern Block G concession (OD Jul.29,p5). The $1.1 billion plan for the Okume, Oveng, Ebano and Elon reservoirs calls for the ...
Fuel Oil Spilled on Texas River.(Brief Article)
Aug 03, 2004 ... A collision between a refueling barge and a gasoline tanker on a southeast Texas river spilled more than 30,000 gallons of fuel oil early on Monday and halted shipping traffic, according to the Coast Guard. The Neches River was closed near its mouth, where it empties into Sabine ...
CMS Sells Australian Gas Pipes.(Brief Article)
Aug 03, 2004 ... Australia Pipeline Trust (APA) has signed an agreement to buy US-based CMS Energy's interest in the Parmelia and Goldfields gas pipeline assets in Western Australia for US$145 million. APA Managing Director Jim McDonald said: "The acquisition of these assets is right on strategy ...
Yukos Investigation Widens.(Brief Article)
Aug 03, 2004 ... Russia's Tax Ministry has begun its investigation into the 2002 accounts of embattled oil firm Yukos, the company's spokesman told Reuters on Monday. "We have received notification about the checks and a request to supply the relevant documents for the 2002 (financial) year," ...
Peru Eyes 10% Gas Tax.(Brief Article)
Aug 03, 2004 ... Peru is considering a 10% consumer tax on local consumption of its massive Camisea gas reserves to increase revenues for the cash-strapped government, the Economy Ministry said on Monday. But the Energy and Mines Ministry criticized the plan and said natural gas consumption ...
Pemex Sees Big Campeche Outlay.(Brief Article)
Aug 03, 2004 ... Mexican state oil firm Pemex will invest $4.56 billion this year to produce and explore for oil in Campeche Bay, Reuters reported late Friday. Pemex, which plans to invest a record $12 billion this year in total, mainly in exploration and production, said it wanted to improve ...
NPRA Favors NSR Reform.(Brief Article)
Aug 03, 2004 ... The National Petrochemical and Refiners Association (NPRA) on Monday urged federal regulators to stay the course on clean air regulatory reforms relating to refineries, contending that the reforms would lead to increased supplies of clean fuels. The Environmental Protection ...
Transocean, FMC Get Angola Work.(Brief Article)
Aug 03, 2004 ... BP has selected Transocean's semisubmersible drilling rig Sedco Express to drill at the supermajor's Greater Plutino offshore project in Angolan waters, according to a Transocean news release. The three-year contract is worth an estimated $181 million, the Houston-based offshore ...
Tidelands Seeks US-Mexico Pipe.(Brief Article)
Aug 03, 2004 ... Independent pipeline operator Tidelands Oil & Gas is preparing to submit permit applications to the Federal Energy Regulatory Commission to build two new natural gas pipelines connecting the US to Mexico. The new pipelines would consist of a 30-inch link at Progresso, Texas in ...
Barton Still Clinging to Fading Energy Bill.(Joe Barton)
Aug 04, 2004; ... House Energy and Commerce Committee Chairman Joe Barton (R- Texas) is unabashed in his support of oil industry interests -- be it a broad energy bill or legislation to increase US refining capacity. Since taking over the reins of the powerful committee earlier this year, Barton ...
Treaty Allows Bolivia to Export Gas Via Peru.
Aug 04, 2004; ... Peru and Bolivia signed a treaty Tuesday to create a special economic zone that is expected to allow for exports of landlocked Bolivia's natural gas through a Peruvian port and on to the US and Mexico. Bolivian President Carlos Mesa and Peruvian President Alejandro Toledo are ...
Debt Financing, Heavy Tax Load Push Pemex First Half Results Deep Into Red.
Aug 04, 2004 ... Pemex, Mexico's state-owned oil and gas company and a major government cash cow, is feeling pain after stretching losses to a staggering $1.7 billion in the first half of 2004. The loss comes after Pemex reported a $1.4 billion loss in the second half of 2003, according to financial ...
Another Day, Another Record As Nymex Oil Surges Past $44/bbl.
Aug 04, 2004; ... Red-hot oil prices blew past the $44 per barrel barrier on Tuesday and are showing no signs of letting up any time soon. Crude futures on the New York Mercantile Exchange (Nymex) hit another all-time high of $44.24 per barrel Tuesday, as worries about a dearth of global spare ...
Exxon Mobil, Qatar Revise LNG Strategy in North America.(Exxon Mobil Corp., Qatar Petroleum Corp., liquified natural gas)
Aug 04, 2004; ... Exxon Mobil and RasGas-3 partner state Qatar Petroleum are making significant adjustments to their North American LNG strategy, specifically regarding ownership of receiving terminals, Oil Daily has learned. Initially, the RasGas-3 partners envisioned a "full-chain" ownership ...
PetroChina Terminates Joint Venture With Partners on West- East Gas Line.
Aug 04, 2004 ... China's state-controlled PetroChina has terminated a joint venture agreement with Royal Dutch/Shell, Exxon Mobil and Russia's Gazprom for the country's 2,520-mile West-to-East gas pipeline, Shell said Tuesday. "The joint venture agreement has been terminated," a Shell ...
EOG Ups Capital Spending, Expands Barnett Shale Acreage.
Aug 04, 2004 ... EOG Resources has raised its capital spending for this year by about 18% and has further expanded its acreage in the red- hot Barnett Shale gas play of North Texas. Planned capital spending for 2004 -- excluding acquisitions -- has risen to $1.3 billion from $1.1 billion, but ...
Exxon Mobil Admits to Cost Overrun at Sakhalin-1 Project.
Aug 04, 2004 ... Exxon Mobil has admitted that early costs at its Sakhalin-1 project on Russia's Pacific shelf are running over budget. The Royal Dutch/Shell-led Sakhalin-2 development earlier unveiled that its second-phase budget had rocketed by more than $2 billion above the $10 billion agreed ...
NLNG Awards Train 6 Contract as Bribery Probe Continues.
Aug 04, 2004 ... Nigeria LNG (NLNG) has awarded a controversial contract, thought to be worth around $1.6 billion, to a joint venture known as TSKJ for the construction of a sixth LNG train at its facility at Bonny in Nigeria. TSKJ -- which includes Halliburton affiliate Kellogg Brown & Root ...
Daily Oil & Gas Price Review.(Illustration)
Aug 04, 2004 ... <Pre> Daily Oil & Gas Price Review Prices for Tuesday, August 3, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rdChg Month Avg. Month Month Nymex Light Sweet...
Stock Market Scorecard.(Illustration)
Aug 04, 2004 ... <Pre> Stock Market Scorecard Close1-Day% Chg. 8/3 Chg.% Chg.10-Day 52-Wk YTD Integrated Majors ChevronTexaco98.66 +2.18+2.26%+4.10% +37.41% +14.63% Statoil ...
Halliburton Settles With SEC.(Brief Article)
Aug 04, 2004 ... Halliburton will pay $7.5 million to settle charges it failed to disclose a 1998 accounting change at a time when Vice President Dick Cheney headed the company, authorities told Reuters on Tuesday. The US Securities and Exchange Commission (SEC) did not charge Cheney, but ...
Oneok Profits Drop 21%.(Brief Article)
Aug 04, 2004 ... Tulsa-based Oneok said Tuesday that its second-quarter net income fell to $17.8 million (17cents/share) from $22.5 million (23cents/share) for the same period in 2003, largely due to higher natural gas costs and lower energy trading profits. Profits came in just ahead of the ...
Texas River Still Closed After Spill.(Brief Article)
Aug 04, 2004 ... The Neches River in southeast Texas remained closed to shipping Tuesday as efforts to clean up a 30,000-gallon oil spill continued, leaving 10 ships and 20 barges waiting for the river's reopening, the Coast Guard told Reuters. About 150 workers and nine skimmer ...
Oil Lending Policy Attacked.(Brief Article)
Aug 04, 2004 ... New York-based environment pressure group Environmental Defense (ED) criticized the World Bank Board of Executive Directors' endorsement Tuesday of what it sees as "a business-as-usual approach" to lending for oil, gas and mining projects. Environmental Defense said the World ...
Unocal Delays West Seno.(Brief Article)
Aug 04, 2004 ... Unocal has delayed construction of the second phase of its West Seno offshore oil and gas field in Indonesia due to cost concerns. The El-Segundo-based company recently opened bids for the Phase Two development, including offshore installation and tension leg platform ...
FERC Mulls Daily Gas Reports.(Federal Energy Regulatory Commission)(Brief Article)
Aug 04, 2004 ... Federal energy market regulators said Tuesday they will consider requiring interstate pipeline companies and other operators of natural gas storage facilities to make daily reports of the gas inventory levels in their systems, potentially giving traders at the New York Mercantile Exchange ...
Exxon Settles on Utah Spills.(Brief Article)
Aug 04, 2004 ... Mobil Exploration and Producing U.S. Inc.-- now part of Exxon Mobil -- has settled with the federal government to pay fines and improve operations in a deal worth over $5.5 million for oil and water spills from its production activities on the Navajo Nation in southeastern Utah. ...
J.P. Morgan Gets Settlement.(Brief Article)
Aug 04, 2004 ... J.P. Morgan Chase said Tuesday that a London court ordered WestLB to pay $165 million plus interest and costs to the US bank in a suit related to the collapse of energy trader Enron. WestLB had not honored a $165 million letter of credit purchased to guarantee a prepaid gas ...
Halliburton Sells Test Unit.(Brief Article)
Aug 04, 2004 ... Oilfield services company Halliburton said Tuesday it has sold part of its well-testing service to an affiliate of private equity group First Reserve Corp. for $128.5 million. Well testing is performed during the exploration and development of oil and gas projects to determine ...
Duke Holds Open Seasons.(Brief Article)
Aug 04, 2004 ... Duke Energy unit Duke Energy Gas Transmission said Tuesday it would conduct open seasons on its natural gas transportation and storage units for demand-driven expansion opportunities in the eastern US and Canada. The company's eastern North America open season, which will run ...