The Oil Daily articles from April 2003

The Oil Daily archives from April 2003

Majors' Share Prices Out of Step with Earnings.
April 2, 2003... While most other sectors are primed to post weak first quarter results due to the soft economy, Big Oil should enjoy its finest quarter since early 2001, bolstered by oil prices that averaged more than $30 per barrel and a broad recovery in...

Firefighters Tackle Rumaila Field Fires.
April 2, 2003... SOUTH RUMAILA -- In a desolate landscape where camels roam and the occasional Apache helicopter flies overhead, Kuwaiti and Texan firefighters on Tuesday continued efforts to douse the flames at Iraq's South Rumaila oil field, which lies just...

Crude Futures Fall After Nigerian Labor Union Calls Off Strike.(Brief Article)
April 2, 2003... Crude futures in New York and London fell sharply on Tuesday after Nigeria's largest labor union struck a deal with the Nigerian government to avoid a strike that could have resulted in more widespread oil production losses in the country. ...

Spot Market Differentials Firm Due to Shut-ins in Nigeria, Iraq.
April 2, 2003... Differentials in the spot market firmed early this week as grades were supported by the production shut-ins in violence- torn Nigeria and the US-led war in Iraq halting operations in that country. With Venezuela still not back up to full...

Investors Baffled by Lagging Prices in Independent E&P Sector.
April 2, 2003... NEW ORLEANS -- With the upbeat stories large, independent exploration and production companies are telling at the annual Howard Weil Energy Conference, the question institutional investors can't answer is why share prices remain so low compared...

After a Visit to El Palito, Status of Venezuelan Refining Unclear.
April 2, 2003... CARACAS -- After a remarkable recovery from a two-month-long opposition strike that all but shut down Venezuela's oil industry, the actual condition of Venezuela's three main refineries remains unclear. State-owned Petroleos de Venezuela...

ChevronTexaco Gas Project Trips Over Colombian Nationalism.
April 2, 2003... ChevronTexaco's plans for the Catalina gas project in Colombia have run full tilt into Colombian concerns over national control of resources. Comptroller General Antonio Hernandez said Monday he would refer the contract to develop gas through...

House Panel Moves on Energy Bill; Dems Fail to Change It.
April 2, 2003... A key House panel's consideration energy legislation Tuesday saw Republicans roundly defeating Democratic challenges to the bill's changes to existing environmental laws that oil and gas companies claim hinder development. In a sign of the...

Daily Oil & Gas Price Review.
April 2, 2003... Daily Oil & Gas Price Review Prices for Tuesday, April 1, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Oil Daily Calendar.(Calendar)
April 2, 2003... Oil Daily Calendar April 2-3 -- GLOBALCON: Energy and Facility Management Strategies and Technologies, sponsored by AEE, Hynes Convention Center, Boston, MA. Information: (770) 447-5083 3-4 -- The Eighth Annual LDC Forum,...

Stock Market Scorecard.(Brief Article)
April 2, 2003... Stock Market Scorecard Close 1-Day. % Chg. Apr 01 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Shell T & T 37.60 +1.38 ...

Shares of CMS Energy Jump.(Brief Article)
April 2, 2003... Shares of CMS Energy surged 16% on Tuesday after the company said it expects to break even in 2003, which would be a marked improvement over the company's 2002 loss of $620 million. CMS reported its year-end 2002 results on Tuesday. ...

Tesoro Expects Q1 Profit.(Tesoro Petroleum)(Brief Article)
April 2, 2003... Independent oil refiner and marketer Tesoro Petroleum on Tuesday said it expects to report a first-quarter profit compared with a loss last year, despite a charge related to retirement benefits, severance, and reorganization costs. ...

Meridian Takes Q4, Year Loss.(Meridian Resource Corp. )(Brief Article)
April 2, 2003... Houston-based independent Meridian Resource Corp. on Monday posted losses for the fourth quarter and full-year 2002, as a charge and production shut-ins sapped revenue. For the fourth quarter, Meridian reported a net loss of $2.2 million...

Unocal to Invest in Thailand.(Brief Article)
April 2, 2003... US oil firm Unocal said Tuesday it would invest $300 million in crude oil and natural gas projects in Thailand this year. Randy Howard, president of Unocal's Thai subsidiary, said most of the investment this year would focus on crude...

El Paso EP Operating Platform.(El Paso Energy Partners )(Brief Article)
April 2, 2003... El Paso Energy Partners on Tuesday reported that operations had begun at its Falcon Nest Platform, servicing the deepwater Falcon Field for its owner and operator, Pioneer Natural Resources. On Monday, Pioneer said that production began at...

Reliant Escapes Bankruptcy.(Reliant Resources )(Brief Article)
April 2, 2003... Reliant Resources struck a deal with some 24 creditors late Monday for a $6.2 billion financing package that ends bankruptcy fears related to Reliant's indebtedness. The newly structured capital includes a $5.9 billion facility that...

Total, Shell Swap Stations.(Total Fina Elf and Royal Dutch/Shell are swapping filling stations in Europe)(Brief Article)
April 2, 2003... Total Fina Elf and Royal Dutch/Shell are swapping filling stations in Europe. Total said Tuesday it is swapping seven motorway retail outlets in France, its 33 service stations in the Czech Republic, and its 70 stations in Hungary, for 133...

PDV Resuming Gasoline Exports.(Brief Article)
April 2, 2003... Venezuela will resume exports of gasoline on Wednesday, after a two-month strike against President Hugo Chavez forced the government to declare a force majeure on shipments last December, said state news agency Venpres. The 940,000-b/d...

Petrobras Cuts Product Prices.(Brief Article)
April 2, 2003... Brazil's state-controlled oil firm Petrobras announced that it would reduce its prices for jet fuel, petrochemical naphtha, and fuel oil, effective this week. Petrobras will reduce the price of jet fuel 15.4% and petrochemical naphtha...

Chesapeake Buys Pioneer Stake.(Chesapeake Energy; Pioneer Drilling)(Brief Article)
April 2, 2003... Texas-based drilling services provider Pioneer Drilling reported Tuesday that natural gas producer Chesapeake Energy invested $20 million in the company, having purchased 5.3 million newly issued Pioneer Drilling common shares at $3.75/share,...

Pump Prices Ease Further.(Brief Article)
April 2, 2003... Last week, US pump prices declined for the second straight week as the average gasoline price fell 4.1cents to $1.649/gallon, mirroring the drop in crude costs at the start of the war with Iraq, the government said Monday. The national...

Colonial Fined $34M for Spills.(Colonial Pipeline)(Brief Article)
April 2, 2003... Colonial Pipeline, the nation's largest petroleum products transporter, agreed to pay $34 million to settle a government investigation into a series of oil spills that polluted water in seven states, the Justice Department and Environmental...

Opec May Have to Maintain Output Levels.
April 3, 2003... The myriad uncertainties surrounding the Iraq war, coupled with supply shortfalls in Nigeria and Venezuela, could leave Opec with little option but to maintain current output levels -- even though many members predict a supply glut. ...

Marathon's New Focus Is International Gas.(Marathon Oil)
April 3, 2003... NEW ORLEANS -- Marathon Oil is changing its operating profile and focus from domestic oil to international natural gas, Chairman and Chief Executive Clarence Cazalot said Wednesday. "More gas, more international, that is where our business...

Futures Fall After Report Shows US Crude Imports at Record High.
April 3, 2003... Crude futures in New York tumbled $1.22, or 4%, on Wednesday after inventory reports showed a record-setting amount of crude imports hit the US last week. The rapid advance of US-led forces to Baghdad also drove prices lower, as traders...

Tanker Rates Show New Signs of Life in Caribbean.
April 3, 2003... Reflecting both a surge in imports from the Mideast Gulf and the return of Venezuelan exports to near normal levels, the tanker market for the 80,000-120,000 ton Aframax vessels in the Caribbean appears to be making a sustainable recovery. ...

Senate Panel Approves Billions in Energy Tax Incentives.(Finance Committee)
April 3, 2003... The tax portion of a broad energy bill was primed for debate in the Senate after a key panel on Wednesday approved $15.5 billion in incentives to boost energy production and supply over ten years, including some $5 billion for the oil and gas...

Petroecuador Faces Day of Reckoning on Contractors' Claims.
April 3, 2003... Ecuador's state-oil company Petroecuador must come up today with a plan to pay millions of dollars to service contractors, or face an indefinite suspension of oil service operations that could hinder already declining crude output. The...

Exxon Mobil's Sakhalin Project Approved by Russian Officials.
April 3, 2003... MOSCOW -- Exxon Mobil's Sakhalin-1 oil and gas venture got a crucial go-ahead, as a group of representatives from the federal and Sakhalin regional governments approved the project's budget and investment plan. According to Exxon, the...

In Wake of War, Analysts Rethinking Q2 and Full-Year Forecasts.(petroleum prices forecasts 2003, US)
April 3, 2003... The direction of oil prices in the future is a little foggy, with the war in Iraq continuing and production in Nigeria halted due to ethnic violence. Despite the uncertainties, the onset of the war has prompted some analysts to rethink their...

Daily Oil & Gas Price Review.(for Wednesday, April 2, 2003, US)(Illustration)
April 3, 2003... Daily Oil & Gas Price Review Prices for Wednesday, April 2, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

EIA Weekly Statistics.(petroleum industry data, week ended March 28, 2003, US)(Illustration)
April 3, 2003... Department of Energy Weekly Statistics For Week Ended March 28, 2003 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current Previous ...

Stock Market Scorecard.(Illustration)
April 3, 2003... Stock Market Scorecard Close 1-Day. % Chg. Apr 02 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 7.91 +0.06 ...

DOE: No SPR Deferrals for May.(Department of Energy, Strategic Petroleum Reserve)(Brief Article)
April 3, 2003... No oil companies have so far asked permission to defer scheduled May crude deliveries into the US Strategic Petroleum Reserve (SPR), the Department of Energy (DOE) said Wednesday, a sign that US crude supplies are returning to normal levels....

ATP Sees Output Growth.(2003 forecasts, US)(Brief Article)
April 3, 2003... ATP Oil & Gas said Wednesday that 2003 production should be more than 10% higher than 2002, and output in the second quarter of 2003 is expected to be 20%-40% higher than in the first quarter. Houston-based ATP expects 2003 production to...

EPL Makes Find, Sees Strong Q1.(Energy Partners Ltd. drills exploratory oil and gas well, Gulf of Mexico, US)(Brief Article)
April 3, 2003... New Orleans-based explorer and producer Energy Partners, Ltd. (EPL) announced the successful drilling of its first 2003 exploratory well in the Gulf of Mexico and also said the company expects first-quarter earnings to exceed estimates. In...

Unocal Finds More Deep-Shelf Gas.(in Gulf of Mexico, east of the Texas-Louisiana border, US)(Brief Article)
April 3, 2003... Unocal has made a potentially commercial deep-shelf gas discovery on its Harvest prospect in the shallow waters of the Gulf of Mexico, just east of the Texas-Louisiana border. Unocal President Timothy Ling said the well on West Cameron...

Tesoro Offers $400M Notes.(US)(Brief Article)
April 3, 2003... US refiner Tesoro Petroleum said Wednesday it expects to make a private offering of $400 million of senior secured notes due in 2008. Tesoro plans to use the proceeds to repay existing debt under its current credit facility and to pay...

Dynegy Secures Refinancing.(US)(Brief Article)
April 3, 2003... Dynegy said Wednesday that its subsidiary, Dynegy Holdings Inc. (DHI), has entered into a new $1.66 billion bank credit facility. The Houston-based company's credit facility consists of a $1.1 billion secured revolving credit facility that...

Conoco in Talks with Rosneft.(ConocoPhillips liquefied natural gas project)(Brief Article)
April 3, 2003... ConocoPhillips is the US company in talks with Russian giant Rosneft regarding possible development of a liquefied natural gas (LNG) project at Murmansk on the Barents Sea, President and Chief Executive Jim Mulva confirmed Wednesday. ...

Shell Wins Ecuador Export Tender.(Shell USA Trading, RWE Trading)(Brief Article)
April 3, 2003... Shell USA Trading, LG International, and RWE Trading of Germany will each lift 24,000 b/d of crude from Ecuador, and Petroleum Corp. of Jamaica will lift 12,000 b/d, after winning Petroecuador's six-month export tender. Three trading...

Apache Closes North Sea Deal.(Brief Article)
April 3, 2003... US independent Apache said Wednesday that it closed on the UK North Sea Forties field portion of its $1.3 billion acquisition of producing properties from BP (OD Jan.14,p1). Apache paid approximately $630 million for the Forties field,...

Cabot Names Canada VP.(appointment)(Brief Article)
April 3, 2003... Cabot Oil & Gas appointed Les Watson vice president of Cabot Petroleum Canada, the company's newly established Canadian subsidiary. From the recently opened Calgary office, Watson will oversee exploration, production, and operation activities...

US Plans to Run Iraqi Oil Industry Clearer.
April 4, 2003... As part of its mission to oust Iraqi President Saddam Hussein, the US government plans to run Iraq's oil industry for as long as it takes to refurbish it and get production back on stream, before handing it over to a new Iraqi government, a...

Interim Reports Suggest Big Q1 Profits at ConocoPhillips, BP.
April 4, 2003... Interim statements from ConocoPhillips and BP in recent days confirm what many analysts had already forecast -- that top integrated oil companies are set to post their fattest profits in the first quarter since early 2001. ConocoPhillips...

Nymex Crude Futures Close Higher; US Troops Approach Baghdad.(Brief Article)
April 4, 2003... Crude futures slipped off session highs Thursday as traders sold on the news that US forces were moving with surprising speed toward Baghdad. Crude futures on the New York Mercantile Exchange (Nymex) closed up 41cents to $28.97 per barrel....

Global Demand and Supply Soften in March as Market Digests War.
April 4, 2003... On average, global oil balances began to look more balanced in March. But the first half of the month and the second half were quite different. The start of the war in Iraq and a serious cut in Nigerian output sucked nearly 3 million...

Energy Legislation with ANWR, Ethanol Races to House Floor.(Arctic National Wildlife Refuge)
April 4, 2003... WASHINGTON -- Republicans moved pieces of a comprehensive energy bill through key committees in the House of Representatives, easily fending off Democratic attacks and keeping intact provisions that are important to the party leadership,...

Suncor Reveals Plans to Expand Oil Sands Production in Canada.(Suncor Energy )
April 4, 2003... Canada's Suncor Energy detailed on Thursday expansion plans intended to make it the largest and lowest cost producer of Canadian oil sands. The company says it will expand its synthetic crude facility in Fort McMurray, Alberta to 330,000...

Former Mobil Trader Indicted for Making Kickbacks in Kazakhstan.
April 4, 2003... DUBAI -- Exxon Mobil, the world's largest listed oil company, is taking rearguard action after J. Bryan Williams, the former head of crude oil marketing at Mobil, was indicted this week on corruption charges by a federal grand jury of the...

Daily Oil & Gas Price Review.
April 4, 2003... Daily Oil & Gas Price Review Prices for Thursday, April 3, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

EIA Gas Storage Report.(Energy Information Administration )(Brief Article)
April 4, 2003... Gas Storage Rises 37 Bcf Stocks of working natural gas in US storage facilities rose 37 Bcf for the week ended Mar. 28, leaving storage levels at 680 Bcf, according to the Energy Information Administration (EIA). The reduction left the...

Stock Market Scorecard.
April 4, 2003... Stock Market Scorecard Close 1-Day. % Chg. Apr 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Total Fina Elf 65.97 +0.67 ...

API: US Stocks in 'Good Shape'.(American Petroleum Institute)(Brief Article)
April 4, 2003... Even with the loss of crude from Venezuela and Nigeria, US crude stocks are in "reasonably good shape," according to American Petroleum Institute (API) President Red Cavaney. Before the first bombs fell on Baghdad two weeks ago, crude and...

Conoco Agrees to Oversight.(ConocoPhillips in Iran and Syria)(Brief Article)
April 4, 2003... ConocoPhillips has agreed to a proposal by New York City's comptroller to ensure oversight of its business in Iran and Syria, the city said. New York City Comptroller William Thompson made the proposal to ConocoPhillips on behalf of the...

Apco Posts Argentine Profits.(Brief Article)
April 4, 2003... Apco Argentina, a US exploration company with sole interests in Argentina, on Thursday reported profits for the fourth quarter and full-year, despite decreases in revenue and sales due to economic turmoil in the South American country. ...

Alaskan Oil Output Up in March.(Brief Article)
April 4, 2003... Cold weather on the Alaskan North Slope helped crude oil production grow by 7,600 b/d in March to 1.045 million b/d, according to production data from the state's Department of Taxation Revenue Division. The increase came despite the...

Dynamic Drills British Columbia.(Dynamic Oil & Gas )(Brief Article)
April 4, 2003... Canadian producer Dynamic Oil & Gas on Thursday updated its acquisitions and drilling activity in the Sikanni and Orion areas of northeast British Columbia. In the Sikanni Area of Cypress/Chowade, Dynamic and its partners recently acquired...

UK Squirrel Nest Found Empty.(North Sea well on Block 20/7a)(Brief Article)
April 4, 2003... Canada's EnCana appears to have struck out with its UK North Sea exploration well on the Squirrel prospect in the Moray Firth, near the company's highly successful Buzzard development. The 8,870-foot well on Block 20/7a "failed to find...

Harken to Repurchase Shares.(Harken Energy)(Brief Article)
April 4, 2003... Houston-based Harken Energy said Thursday its board of directors approved a stock repurchase plan under which Harken may purchase common shares from time to time up to a maximum of 10 million shares. "With this resolution, Harken's Board...

Venezuela Updates State Dept.(Brief Article)
April 4, 2003... Venezuelan diplomats met with US State Department officials on Tuesday to inform them about the current situation of the South American country's oil industry, after it was crippled by a two-month strike that brought exports from one of the US...

Mexico Narrows May Discount.(Brief Article)
April 4, 2003... Mexico narrowed its May discount for Maya crude exports to the US Gulf Coast as part of the monthly adjustment to its oil export price formulas, state oil monopoly Pemex said. Pemex said its May discount for heavy Maya crude sent to the...

Peru Output Up in March.(Brief Article)
April 4, 2003... Peru's oil production reached its highest level so far this year in March, at an average of 93,655 b/d, state oil company PlusPetrol said. Average production this year is 92,925 b/d -- still below the 2002 average of 96,865 b/d, as new...

Argentina Output Starts Slowly.(Brief Article)
April 4, 2003... Argentina's oil production got off to a slow start this year according to recently released data on January production from the energy secretariat. Crude output fell to 735,000 b/d from 744,000 b/d in December and was 3.7% or 28,000 b/d...

PDV Ups Orimulsion Sales to Italy.(Petroleos de Venezuela )(Brief Article)
April 4, 2003... Petroleos de Venezuela (PDV) said Thursday that Italian authorities had approved the use of Orimulsion at a power plant near Venice. The 2,640 megawatt Porto Tolle plant will take 5.5 million tons of Orimulsion a year, necessitating the...

CEC Blames Crude for Pump Prices.(California Energy Commission)(Brief Article)
April 4, 2003... Record high gasoline and diesel prices in California are due to high crude prices, the switch from methyl tertiary butyl ether (MTBE), and speculation, not retail or marketer price gouging, according to a report from the California Energy...

Southern Fields Will Take Time to Restart.(Iraq's southern oil production under control of U.S. military)
April 7, 2003... DUBAI --US officials say that most of Iraq's southern oil production capacity is now under the control of US-led forces -- but also continue to stress that the resumption of production from the southern oil fields is unlikely to be a fast...

Global Supply Increased in March Despite Loss of Iraq, Nigeria.(global oil supply rose with Nigerian increase despite war)
April 7, 2003... Even with the loss of both Iraqi oil and about one-third of Nigeria's production in the second half of March, global supply managed an increase for the month according to initial assessments made by Oil Daily's sister publication Oil Market...

Return of Nigerian Crude, US Success in Iraq Send Oil Lower.(ChevronTexaco to increase oil production in Nigeria)
April 7, 2003... The return of some Nigerian crude and the continued quick advance of US troops as they prepare to enter Baghdad sent crude futures lower Friday. ChevronTexaco announced late Thursday that it plans to ramp up oil production in Nigeria after...

First-Ever Sale of Russian Crude to US West Coast Harbinger of Bear Market.(oversupplied global crude market)
April 7, 2003... Reflecting an oversupplied global crude market, a 700,000- barrel cargo of Russian Urals sold into the US West Coast spot market last week for the first time ever as sellers look far afield to place unsold cargoes despite the complete halt of...

Iraq Oil Money Not Sufficient to Finance Its Reconstruction.(United Nations agencies aid Iraq)
April 7, 2003... With billions in the bank from Iraqi oil sales, funds will suffice to ship more than enough emergency aid to the country to help citizens survive. But two years down the line, only small sums will be available to help rebuild the debt-ridden...

EPA Turns Down New York's Request for Oxygenated Fuel Waiver.(methyl tertiary butyl ether rules )
April 7, 2003... The Bush administration has set aside a request from New York to be exempted from the federal regulation requiring use of additives like methyl tertiary butyl ether (MTBE) and corn-based ethanol to produce cleaner burning gasoline in smoggy...

Brazil Wants to Slash Take-or-Pay Clause in Bolivian Gas Contract.(Bolivia-Brazil gas pipeline deal)
April 7, 2003... RIO DE JANEIRO -- Brazil is looking to change the take-or- pay clause in its supply contract with Bolivia for natural gas transported through the Bolivia-Brazil (Gasbol) gas pipeline. The issue will be addressed at the Apr. 10 meeting of the...

Pepex Takes Credit for Helping PDV Rebound from Strike.(Venezuelan state oil company recovers from strike)
April 7, 2003... A US-based e-commerce company is giving itself credit for helping Venezuelan state oil company Petroleos de Venezuela (PDV) rebound quickly from the recent workers' strike that crippled the country's key oil industry. "PDV was dead in the...

Deep-Shelf Gas Incentive Seen Having Scant Impact on Output.
April 7, 2003... As the US pulls out all the stops in an effort to boost domestic gas supplies, analysts say proposals to extend royalty relief for the so-called deep-shelf Gulf of Mexico gas play are welcome but will probably have little impact on overall...

Next Several Weeks Will Answer Key Storage, Demand Questions.
April 7, 2003... The next several weeks should provide a good indication of the clearing price required in gas markets to accommodate both baseload industrial demand this spring and the huge volume of storage gas that must be injected by next winter. Weather...

Daily Oil & Gas Price Review.
April 7, 2003... Daily Oil & Gas Price Review Prices for Friday, April 4, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light Sweet -0.35 28.62 29.39 26.86 26.26 IPE Brent -0.82 24.68 25.79...

Canadian Gas Storage.(Brief Article)
April 7, 2003... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 4.6 Bcf to 82.6 Bcf for the week ended Mar. 28. Storage caverns are 17.1% full, up from 16.1% full one week ago, and down from 48.9% full a year ago....

Baker Hughes Drilling Report.(Brief Article)
April 7, 2003... US Rig Count Rises 10 The number of rigs searching for oil and gas in the US rose by 10 to 972 for the week ended Apr. 4, according to Baker Hughes. A year ago there were 738. The number of rigs searching for oil rose by 9 to 187 and...

Stock Market Scorecard.
April 7, 2003... Stock Market Scorecard Close 1-Day. % Chg. Apr 04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors BP 39.15 +0.79 +2.06 -2.20 -25.07 -3.69 Total Fina Elf 67.00 +1.03 +1.56 +4.44 -10.58 -6.29 Shell T & T 36.95 +0.55 +1.51 +1.65 -15.19...

Canadian 88 to Change Name.(Canadian 88 Energy could become Esprit Exploration)(Brief Article)
April 7, 2003... Calgary-based explorer and producer Canadian 88 Energy on Friday announced a proposal to change the company's name and adopt a shareholder rights plan. Canadian 88, a firm that has spent the past several months retooling itself as a purely...

Tesoro Working Credit Deal.(Tesoro Petroleum Corp.)(Brief Article)
April 7, 2003... US refiner Tesoro Petroleum on Friday said it is negotiating a new $650 million credit facility, which would increase the company's capacity to borrow and allow it to issue letters of credit instead of prepayments to suppliers. The San...

Rodriguez Seeks US Investors.(Ali Rodriguez, the president of Venezuela's state oil giant Petroleos de Venezuela )(Brief Article)
April 7, 2003... Ali Rodriguez, the president of Venezuela's state oil giant Petroleos de Venezuela (PDV), will travel to the US on Apr. 25 to convince potential investors of the benefits of investing in his country, according to Venezuela's ambassador to the...