The Oil Daily articles from August 2005

The Oil Daily archives from August 2005

CNOOC mulls next step ahead of Unocal vote.(CNOOC Ltd)
August 1, 2005... Chinese CNOOC Ltd. on Friday refused to be drawn on speculation about its next move in its fight with Chevron for the hand of US Unocal--saying merely it had no immediate plans to increase its bid. Press reports Friday spoke of a weekend...

Oxy to resume operations in Libya.(petroleum)
August 1, 2005... After 19 years in exile, Occidental Petroleum announced Friday that Libya has approved the terms for the US company to resume operations in the North African country. Analysts expect fellow US companies with Libyan assets--ConocoPhillips,...

Chevron, Unocal beat profit forecasts ahead of merger vote.(petroleum)
August 1, 2005... Chevron and Unocal, possible merger partners, both reported stronger-than-expected results for the second quarter of 2005 on Friday, though both went against trends set by peers. Chevron reported poorer refining results than in the year-ago...

BP accidents drive Nymex crude above $60 at close.(British Petroleum)(New York Mercantile Exchange )
August 1, 2005... Refinery and production glitches pushed New York Mercantile Exchange (Nymex) crude futures above $60 per barrel at the end of last week. With the stock market and the dollar falling, fund traders jumped back into the crude market after supply...

Daily oil & gas price review.(petroleum)(Illustration)
August 1, 2005... Daily Oil & Gas Price Review Prices for Thursday, June 2, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.35 57.66 ...

Sweets strengthen, sours weaken in US spot market after BP accidents.
August 1, 2005... The US spot crude market was mixed last week, with sour grades trading at weaker differentials to benchmark West Texas intermediate following two refinery fires in the Gulf Coast that traders say will hurt demand for sour crude. Sweet grades,...

US rig count rises two.(Baker Hughes Drilling Report)(Brief Article)
August 1, 2005... The number of rigs searching for oil and gas in the US rose by two to 1,412 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,229 rigs in operation. The number of rigs searching for oil in...

Burlington, Anadarko focus on keeping rising costs in check.
August 1, 2005... Large US independents Burlington Resources and Anadarko Petroleum sought to reassure investors on Friday that they are doing everything in their power to contain rising costs, even as record oil and gas prices lead to bumper revenues. During...

Bullish recipe for buying propels Nymex natural gas higher.
August 1, 2005... A combination of refinery fires, the uncertainty of a hyperactive hurricane season, a return of deep-pocketed fund account buying, and sharply ascending technical indicators made for a recipe for bullishness in natural gas futures markets last...

Bush to sign energy bill.(Top Briefs)(Brief Article)
August 1, 2005... Riding the crest of strong bipartisanship, a massive energy bill seeking to promote US oil and gas production and other energy sources was headed to the president's desk for his signature after Congress overwhelmingly endorsed the legislation...

Canadian gas storage.(NEWS ALERT)(Brief Article)
August 1, 2005... Enerdata reported that the amount of natural gas in Canadian storage facilities rose 6.7 Bcf to 348.7 Bcf for the week ended Jul. 22. Storage caverns are 69.2% full, down from 70.7% the previous week because of an increase in Western capacity,...

TransCanada clean profits up.(Earnings)(Brief Article)
August 1, 2005... Calgary-based pipeline operator TransCanada on Friday reported lower secondquarter earnings, mainly the result of aftertax gains from the sale of assets realized during the second quarter of 2004. The company posted net income of C$200...

Drilling boosts Baker Hughes net.(Earnings)(Brief Article)
August 1, 2005... Energy services company Baker Hughes posted sharply higher second-quarter earnings on Friday, boosted by heavy spending from energy producers on drilling. The Houston-based company said net income rose to $218.8 million (64 cents/share)...

Stock market scorecard.(NEWS ALERT)(Illustration)
August 1, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 7/29 Chg. % Chg. Shell-B 63.67 +1.30 +2.08 Shell-A 61.34 +0.99 +1.64 Statoil 21.71 +0.14...

Terasen posts higher Q2 profit.(Earnings)
August 1, 2005... Canadian pipeline operator Terasen posted a higher second-quarter profit as its Trans Mountain oil pipeline operations returned to full capacity. The company said it earned C$29.5 million ($24 million), or C28 cents/share, in the quarter...

Ecuador forecast disputed.(Latin America)
August 1, 2005... Ecuador's central bank, the Banco Central del Ecuador, said Thursday the country's dwindling oil production will be up 5% next year to 203 million bbl, a figure challenged by both private sector representatives and other government officials....

Petrobras to upgrade plant.(Latin America)
August 1, 2005... Brazilian state-controlled oil company Petrobras plans to increase capacity at its Refap refinery by 50% to process about 250,000 b/d of mostly heavy crude. The Refap facility, which is 30% owned by Repsol YPF, is located in the southern...

Allegheny moves on gas sale.(Mergers & Acquisitions)(Brief Article)
August 1, 2005... Allegheny Energy announced Friday that it has settled a natural gas rate dispute that will allow it to sell West Virginia gas assets to a group of private equity investors for around $130 million in cash and $87 million in debt assumption. ...

Cheniere seeks LNG expansion.(Natural Gas)(Brief Article)
August 1, 2005... Houston-based LNG terminal developer Cheniere Energy has filed an application to the Federal Energy Regulatory Commission (FERC) to expand the receiving capacity of the Sabine Pass terminal it is building in Cameron Parish, Louisiana, to 4...

Speculators cut net longs.(Oil & Gas Markets)(Brief Article)
August 1, 2005... Crude oil speculators on the New York Mercantile Exchange cut their net long positions in the week ended Jul. 26 in a bet prices would fall, the Commodity Futures Trading Commission (CFTC) said on Friday. Noncommercial crude oil speculators...

Saudi King's death prompts succession issues.
August 2, 2005... The death of King Fahd bin Abdul Aziz, announced Monday, opened the way for a swift succession process in Saudi Arabia which saw the two incumbents in line for the throne, Crown Prince Abdullah and Prince Sultan, as had long been expected,...

Nymex crude trades at record $62.30/bbl.(New York Mercantile Exchange)
August 2, 2005... More refinery incidents, fresh news of nuclear ambitions in Iran and the death of King Fahd of Saudi Arabia all conspired to lift crude futures on the New York Mercantile Exchange (Nymex) to a record trade of $62.30 per barrel on Monday,...

Beaufort leases mark Shell's return to Alaska after two decades.(Shell Exploration and Production Co.)
August 2, 2005... Shell Oil's Shell Exploration & Production Co. is returning to Alaska in a big way after an absence of almost two decades. The company said Monday that the US Minerals Management Service has awarded its Shell Offshore unit 84 leases in the...

Daily oil & gas price review.(Illustration)
August 2, 2005... Daily Oil & Gas Price Review Prices for Monday, August 1, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.75 58.41 ...

High oil prices put Pemex in the black despite lower exports.
August 2, 2005... Boosted by high oil prices, Mexican state oil company Pemex posted a net profit of $200 million in the second quarter despite a 3% drop in exports. The positive second quarter result follows a first quarter net profit of $500 million (OD May...

BP outproduces Exxon in second quarter; US major's volumes hit by asset sales.(British Petroleum Company PLC, Exxon Mobil Corp.)
August 2, 2005... BP has moved ahead of Exxon Mobil to become the world's largest fully publicly listed producer of oil and gas, according to second-quarter output data released by the two companies last week. BP's production for the quarter averaged 4.11...

Cooling degree days.(Illustration)
August 2, 2005... Cooling Degree Days For the week of Jul. 30, 2005 Week Dev From Week From Year Cum State/City (PADD) Total Norm...

Repsol acquires stake in Peru LNG; will market gas to US, Mexico.
August 2, 2005... Repsol-YPF announced Monday the acquisition of a 20% stake in the Peru-LNG project to export liquefied natural gas (LNG) from Peru's giant Camisea field to the west coast of the United States and Mexico. Following an agreement between...

Scandal in Brazil threatens latest upstream licensing round.
August 2, 2005... Analysts fear Brazil's vote-buying scandal could lead to the cancellation of an upstream licensing round planned for October, the seventh since the country opened its upstream sector to foreigners in 1997. The scandal came to light in June...

Rivals may force TransCanada to delay US pipe expansion.(TransCanada PipeLines Ltd.)
August 2, 2005... The head of pipeline giant TransCanada PipeLines said late last week the company's planned US$1.4 billion pipeline from Alberta to Illinois could be delayed if rival Canadian pipeline companies Enbridge and Terasen succeed in shipping large...

Petrobras debt offering ok'd.(Petroleo Brasileiro S.A.)(Brief Article)
August 2, 2005... Brazil's giant government-run oil company Petrobras late Friday said the US Securities and Exchange Commission (SEC) has approved a shelf registration for up to $6.5 billion of debt. Petrobras said that under the SEC authorization the company...

Demand, high oil prices lift sales for China's oil companies.
August 2, 2005... Chinese oil companies are reaping the rewards from their country's high oil consumption and demand growth rates. In a ranking of the top 100 companies in China, credit ratings firm Standard & Poor's (S&P) found that the two companies with the...

ISS backs Chevron's bid.(Institutional Shareholder Services)(Brief Article)
August 2, 2005... Calling a rival bid by CNOOC Ltd. "highly uncertain," Institutional Shareholder Services (ISS) Monday endorsed Chevron's proposed $17.5 billion acquisition of Unocal ISS, a widely-watched proxy advisory consultant, said the uncertainty of...

Harvest may seek arbitration.(Harvest Natural Resources Inc.)(Brief Article)
August 2, 2005... Harvest Natural Resources may seek international arbitration to resolve a dispute with Venezuela over an $85 million tax demand, the US oil company said on Monday. Harvest, which only produces oil in Venezuela, said it does not believe it...

Entergy posts higher profits.(Earnings)(Brief Article)
August 2, 2005... Entergy's second-quarter earnings rose by almost 8% and beat Wall Street expectations due to robust utility performance and favorable regulatory issues, the company said. A majority of Entergy's nearly 30,000 MW of power generation is fueled by...

Stock market scorecard.(NEWS ALERT)(Illustration)
August 2, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 7/18 Chg. % Chg. Shell-B 65.35 +1.68 +2.64% Shell-A 62.81 +1.47 +2.40 Marathon 59.67 +1.31...

Enbridge partners profits down.(Enbridge Energy Partners L.P.)(Brief Article)
August 2, 2005... Reduced throughput on its oil pipelines and a non-cash mark-to-market accounting loss more than offset improved performance by its natural gas pipelines in the quarter ended Jun. 30, Enbridge Energy Partners said. Interest expenses and...

Sudan peace process shaken.(International)(Brief Article)
August 2, 2005... Sudan's fragile peace process has suffered a blow following the death of the country's newly appointed first vice president and former rebel leader, John Garang, who was killed in a helicopter crash in southern Sudan over the weekend. ...

Sincor gets Venezuela bill.(Latin America)(Brief Article)
August 2, 2005... Total and Statoil, partners on the Sincor crude upgrading plant in Venezuela, Monday said they have received a letter from Caracas officially seeking allegedly unpaid royalties from the project. Although neither company would specify the...

El Paso sells Asian assets.(Globeleq)(Brief Article)
August 2, 2005... El Paso announced Monday the $109 million sale of 8 power plants in Asia, as the company further chips away at divesting non-core assets. A subsidiary of the private company Globeleq bought the assets, which have generation capacity of 1,000...

Eni buys Cameron capacity.(Natural Gas)(Brief Article)
August 2, 2005... Italy's Eni has finalized an agreement announced earlier this year to buy 600 MMcf/d of regasification capacity for 20 years at Sempra's proposed Cameron liquefied natural gas (LNG) terminal in Louisiana. Following the agreement, Sempra will...

Pipe caused Texas City fire.(Refining)(British Petroleum Texas City Refinery Incident)(Brief Article)
August 2, 2005... The Jul. 28 explosion and fire in a unit at BP's Texas City refinery occurred when an eight-inch pipe failed, releasing a 75-foot burning jet of hydrogen gas, the US Chemical Safety and Hazard Investigation Board said Saturday. The board...

CNOOC bows out of unocal bidding war.
August 3, 2005... CNOOC Ltd. has ended its bid to steal Unocal from Chevron. The Chinese company announced Tuesday that it has withdrawn its offer for Unocal, largely as a result of the political heat its bid faced in Washington. "CNOOC has given active...

Deal makes Kinder Morgan #1 in North America.(by acquiring Terasen)
August 3, 2005... The Kinder Morgan companies were already the largest midstream company in the US. Soon, it will be able to claim the title for all of North America. Kinder Morgan Inc. (KMI), owner and operator of regulated natural gas pipelines and gas...

Deer Creek deal makes total bigger player in Canada's oil sands.(TOTAL S.A.)
August 3, 2005... French major Total announced Tuesday that it is buying 100% of Calgary-based heavy oil producer Deer Creek Energy for about C$1.35 billion (US$1.1 billion) in a friendly takeover that includes a 45% premium for Deer Park shareholders. The...

Nymex crude, products rally on stockdraw expectations.(New York Mercantile Exchange)(Brief Article)
August 3, 2005... Crude futures closed higher on Tuesday on expectations that key inventory data for last week will show declines in crude and gasoline inventories. Earlier in the session, crude prices fell from record levels seen on Monday on signs that the...

Daily oil & gas price review.(Illustration)
August 3, 2005... Daily Oil & Gas Price Review Prices for Tuesday, August 2, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.33 58.74 ...

Targa becomes major NGLs player with Dynegy deal.(natural gas liquids )(Targa Resources to be in second or third rank after the acquisition)
August 3, 2005... A Houston-based company that has been in business for barely two years has vaulted into the top ranks of the US natural gas liquids (NGLs) business. Targa Resources on Tuesday agreed to acquire Dynegy's midstream natural gas business for $2.35...

Pioneer plays it cautious in US Gulf, aggressive in West Africa.(Pioneer Natural Resources Co.)
August 3, 2005... Buoyed by record high oil and gas prices, US independent Pioneer Natural Resources reported on Tuesday that second-quarter earnings more than doubled to $185.6 million ($1.28/share), compared with $69.7 million in the second quarter of 2004....

Oneok posts strong Q2 earnings, ups outlook for full year.
August 3, 2005... Integrated natural gas company Oneok joins the list of North American midstream companies reporting strong second quarter results and anticipates even better performance for the remainder of the year. Tulsa-based Oneok said net income rose...

China exports first drilling rig to starved US market; more to follow.
August 3, 2005... With China already exporting everything from toys to computers and the US caught up in a drilling boom that has left rigs in extremely short supply, it was probably only a matter of time before a Chinese rig showed up somewhere in the US. ...

Transocean profits soar.(Brief Article)
August 3, 2005... Transocean's second-quarter profit jumped significantly, reflecting two rig sales and the divestiture of its controlling ownership of Todco. In a press release Tuesday, the drilling rigs operator said its second-quarter net income rose to...

Rowan reverses Q2 loss.(Rowan Companies Inc., second quarter )(Brief Article)
August 3, 2005... Oil and natural gas driller Rowan Cos. on Tuesday posted a second-quarter profit, reversing a year-earlier loss, on brisk exploration spending by energy producers. The Houston-based company reported a profit of $42.3 million (39...

Sempra reports flat earnings.(Sempra Energy )(Brief Article)
August 3, 2005... Sempra Energy on Tuesday reported a flat second-quarter profit as lower operating expenses at its Southern California Gas Co. offset reduced revenue at its San Diego unit. Still, the company raised its full-year forecast on expected...

Exxon boosts Arthur output.(Exploration & Production)
August 3, 2005... Exxon Mobil has boosted output at its Arthur field in the UK North Sea after bringing a second development well on stream, the company said Tuesday. First production from a single well began in January 2005. With the second well, the...

Pemex reform threatened.(Petroleos Mexicanos's taxation to be reconsidered)(Brief Article)
August 3, 2005... Mexican President Vicente Fox is under pressure to veto a much-vaunted law to ease taxes on state oil monopoly Pemex, as state governors complain their fiscal revenues will plummet as a result. State governors want to meet Fox before he...

Stock market scorecard.(Petroleum industry)(Illustration)
August 3, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 8/2 Chg. % Chg. ConocoPhillips 64.38 +1.38 +2.19% Chevron 59.56 +1.13 +1.93 Marathon 60.64 +0.91...

Duke files with Kentucky.(Cinergy and Duke Energy filed approval of their proposed merger with Kentucky state regulators)(Brief Article)
August 3, 2005... Cinergy and Duke Energy filed an application with Kentucky state regulators to gain approval of their proposed merger, marking the fifth and final application filed for state regulatory approval (OD May10,p1). The combined company would be...

Duke closes midstream deal.(Duke Energy Corp. acquires ConocoPhillips)(Brief Article)
August 3, 2005... Duke Energy has completed its acquisition of ConocoPhillips' interest in the Empress System for approximately $230 million. The assets will be transferred into Duke Energy Gas Transmission's (DEGT) western Canadian operations. Originally...

Trunkline to pursue expansion.(Trunkline Gas Co.)(Brief Article)
August 3, 2005... Trunkline Gas Company said Tuesday that, based on customer response to a recent open season, it will move forward with plans to increase its natural gas pipeline capacity in East Texas. The North Texas Expansion would involve the...

Texas City due back up.(BP Chemicals Inc.'s fluidic catalytic cracking unit)(Brief Article)
August 3, 2005... BP expects to complete repairs and return the 36,000 b/d fluidic catalytic cracking unit No. 2 at its refinery in Texas City, Texas, to service on Wednesday, a source familiar with refinery operations and a notice filed with the state told...

What's next for CNOOC after Unocal bid?
August 4, 2005... Aggressively rebuffed by US politicians, China's CNOOC Ltd. is now considering what it might do with the $19 billion raised for the now-aborted takeover bid for Unocal (OD Aug.3,p1). CNOOC's next move will signal whether Chief Executive Fu...

Nymex to decide course by month's end.(New York Mercantile Exchange and General Atlantic)
August 4, 2005... The New York Mercantile Exchange (Nymex) has received a $240 million bid for a 20% equity stake in the exchange from private-equity firm General Atlantic, according to Dow Jones Newswires, giving Nymex's leadership another offer to consider as...

Mexico sees higher output in '06 despite Cantarell decline.
August 4, 2005... Mexican state oil company Pemex said its massive Cantarell field will start declining in 2006, but that new production should not only make up for this decline but result in overall higher volumes next year. Carlos Morales, Pemex's head of...

Nymex crude falls sharply on surprise crude stockbuild.(New York Mercantile Exchange)
August 4, 2005... Crude futures in New York fell sharply from record highs on Wednesday after inventory data from the Energy Information Administration (EIA) showed a surprising build in US crude inventories for the week ending Jul. 29. Earlier in the...

Daily oil & gas price review.(Illustration)
August 4, 2005... Daily Oil & Gas Price Review Prices for Wednesday, August 3, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -1.02 57.72 ...

EIA weekly statistics.(Energy Information Administration)(Illustration)
August 4, 2005... EIA Weekly Statistics For Week Ended July 29, 2005 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 15.8 15.3 3.3%...

Sunoco runs more high acid crude, posts record profit.
August 4, 2005... Philadelphia-based Sunoco posted higher second-quarter earnings after producing distillates at a record pace and running more lower cost high-acid crude. Overall the independent refiner--which also has chemical and coke businesses and a heavy...

Venezuelan oil heads for Uruguay as Chavez diversifies markets.(Hugo Chavez)
August 4, 2005... Uruguay will purchase up to six cargoes of Venezuelan oil this year under preferential terms, as Venezuelan President Hugo Chavez aims to diversify his country's oil markets and possibly spread his political influence in the region. A...

Experts say high energy prices due to cut into demand.(petroleum industry scenario)
August 4, 2005... High oil and gas prices are here to stay for a while, but ultimately they will cut into demand and bring forth new energy supplies, according to speakers at the Colorado Oil and Gas Association's annual conference in Denver. David...

Higher prices, production drive record profits for Devon.
August 4, 2005... Boosted by high natural gas prices, Devon Energy on Wednesday posted second-quarter earnings that hit a new record for the Oklahoma City-based independent. The company reported net earnings of $653 million ($1.40/share), up 37% from $502...

Mild weather hurts gas utilities in Q2, but Dominion shines.
August 4, 2005... Natural gas and power company Dominion Resources on Wednesday reported stronger second-quarter earnings driven by growth in producer service margins, the elimination of proprietary trading and an insurance settlement related to Hurricane Ivan....

Petroecuador boss resigns.(Petroleos del Ecuador's Carlos Pareja)(Brief Article)
August 4, 2005... The head of Ecuador's state oil company said he resigned at the government's request on Wednesday, hours after he demanded an end to a contract allowing US Occidental to operate in the country. "The Minister of Energy has asked for my...

Moody's ups Unocal outlook.(Moody's Investor Service)(Brief Article)
August 4, 2005... Moody's Investors Service changed the status of its review on Unocal's debt rating to a review for a "possible upgrade" from "direction uncertain," following the announcement this week that CNOOC Ltd. has withdrawn its offer to acquire Unocal...

Noble Q2 profits jump.(Noble Energy, second quarter )(Brief Article)
August 4, 2005... US independent oil and gas producer Noble Energy on Wednesday posted a sharp jump in second-quarter earnings on the back of record high energy prices and higher daily production. The Houston-based company reported second-quarter net income...

Canadian natural profits fall.(Canadian Natural Resources Ltd.)(Brief Article)
August 4, 2005... A non-cash charge related to mark-to-market accounting was a major contributor to a decline in earnings for independent Canadian Natural Resources, the company said Wednesday, though cash flow and production were higher than in the year-ago...

Stock market scorecard.(Petroleum industry)(Illustration)
August 4, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 8/3 Chg. % Chg. Statol 23.00 +0.68 +3.05% Chevron 60.35 +0.79 +1.33 Total 129.84 +1.55...

Shell strikes in Brunei.(Brunei Shell Petroleum Company Ltd.)(Brief Article)
August 4, 2005... Brunei Shell Petroleum (BSP), an equal joint venture of Royal Dutch Shell and the Brunei government, said Wednesday that it had made a new hydrocarbon discovery in the Seria North Flank area close to a discovery made by the company last year....

Sakhalin-2 delayed til '08.(Royal Dutch-Shell Group of Cos.)(Brief Article)
August 4, 2005... Peak oil production from Russia's giant Sakhalin-2 project will be delayed until 2008 at the earliest, lead shareholder Royal Dutch Shell said on Wednesday. A spokeswoman for Shell said the previously announced delay to startup of...

Shell gets Corrib approval.(Royal Dutch-Shell Group of Cos.'s Corrib gas field)(Brief Article)
August 4, 2005... The Irish government has given Royal Dutch Shell its consent for Phase 4 of the offshore pipeline section of its $1.1 billion Corrib gas field development. Work on the onshore pipeline section has been suspended for a safety review, while...

Teekay wins LNG contract.(Teekay Shipping Corp. contract with Exxon Mobil and Qatar Petroleum)(liquefied natural gas)(Brief Article)
August 4, 2005... Vancouver-based shipping giant Teekay announced on Tuesday it has been awarded contracts to charter four large liquefied natural gas (LNG) carriers to Qatar's RasGas 3 project, a joint venture of Exxon Mobil and state Qatar Petroleum. The...

Tillerson to fill Raymond's big shoes at Exxon.(Rex W. Tillerson and Lee R. Raymond)
August 5, 2005... Exxon Mobil made official Thursday what industry watchers had been expecting for some time: Long-time Chairman and Chief Executive Lee R. Raymond will step down at the end of the year after 42 years with the company and 12 in the top slot. His...

Companies amend contracts in Venezuela.
August 5, 2005... Eight oil companies on Thursday signed transition accords with state oil giant Petroleos de Venezuela (PDV) as part of the process of migrating operating service agreements to joint ventures with a state majority under the tougher terms of...

Total reports solid Q2 profits, abandons bid for Russian Novatek.
August 5, 2005... France's Total reported a set of steady secondquarter earnings Thursday, with adjusted net income for the period of 2.91 billion ($3.58 billion), climbing 33% from 2.18 billion in the same quarter of 2004, and in the middle of the market's...