The Oil Daily articles from February 2003

The Oil Daily archives from February 2003

ANWR Battle Plans Being Set as War Looms.
February 3, 2003... In a sign of a close and bitter battle over drilling in the Arctic National Wildlife Refuge (ANWR) in the coming weeks, six Senate Republicans on Friday came out against any move to insert an ANWR drilling provision in a budget bill. The...

Last Year Was One to Forget for ChevronTexaco.
February 3, 2003... ChevronTexaco capped off a forgettable 2002 by reporting weak fourth-quarter earnings and saying that it would not achieve its modest five-year oil and natural gas production growth target of 2%-3% per year. Calling last year's results...

Anadarko Posts Higher Profits; Hedges Some 2003 Output.
February 3, 2003... Anadarko reported an increase in fourth-quarter earnings Friday due to higher commodity prices and higher oil sales volumes. The company also said it is hedging significant amounts of 2003 oil and gas production to lock in recent high oil and...

Nymex Products Fizzle on Expiry; Crude Treads Water.
February 3, 2003... Traders seemed reluctant to commit to any bold positions before heading out for the weekend on Friday. Light, sweet crude tread a fairly narrow, 58cents range on the New York Mercantile Exchange (Nymex) before settling at $33.51 per barrel, off...

US Sweet, Sour Crude Grades Weaken on Venezuelan Production Increases, Ample Supply.
February 3, 2003... Differentials for sweet and sour grades in the US spot market were steady to slightly weaker last week, as more oil continues making its way from Venezuela to the US. Despite the current high crude futures price, the physical market seems...

Venezuela's Heavy Crude Projects Set to Start Producing Again.
February 3, 2003... Ali Rodriguez, president of Venezuelan state oil company Petroleos de Venezuela (PDV), said Friday the country's crude output now stands at 1.5 million barrels per day and could jump more this week with the expected restart of four heavy crude...

Bulls Still Rule US Gas Market, But Players Keep Eyes on Demand.
February 3, 2003... US natural gas market players have been inundated with bullish fundamental news -- such as further confirmation of production declines, weakening hydroelectric conditions in the Pacific Northwest, and sliding working gas in storage stocks --...

New Anadarko Platform Could Extend Arctic Drilling Season.
February 3, 2003... Until now, oil and gas drilling in Arctic Alaska and northern Canada has been limited to a few winter months when the tundra and muskeg are frozen enough to support the weight of heavy rigs. But Houston-based independent Anadarko is about...

Daily Oil & Gas Price Review.(Illustration)
February 3, 2003... Prices for Friday, January 31, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light...

Baker Hughes Drilling Report.(Brief Article)
February 3, 2003... US Rig Count Rises 11 The number of rigs searching for oil and gas in the US rose by 11 to 873 for the week ended Jan. 31, according to Baker Hughes. A year ago there were 853. The number of rigs searching for oil rose by 9 to 142 and...

Canadian Gas Storage.(Brief Article)
February 3, 2003... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities fell 36 Bcf to 209.5 Bcf for the week ended Jan. 24. Storage caverns are 43.2% full, down from 50.7% full one week ago, and down from 75.9% full a year...

Stock Market Scorecard.(Illustration)
February 3, 2003... Stock Market Scorecard Close 1-Day. % Chg. Jan 31 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors BP 39.01 +1.50 ...

Dynegy Results Hit Share Price.(firm reports fourth-quarter, full-year financial results)(Brief Article)
February 3, 2003... Dynegy shares cratered Friday after the company reported massive losses for the year and fourth quarter due to restructuring costs related to its withdrawal from energy trading and restatements of earlier financial results. The company...

States Back Bush on NSR.(Clean Air Act's New Source Review (NSR) program)(Brief Article)
February 3, 2003... The Bush administration, which has taken flak recently for relaxing clean air rules, got a boost last week when eight states came down on its side. The states -- Virginia, Indiana, Nebraska, South Carolina, Utah, North Dakota, South...

XTO Exceeds Reserve Estimates.(XTO Energy)
February 3, 2003... Natural gas producer XTO Energy on Friday announced that it exceeded its reserve goals for 2002 and provided guidance for 2003. Fort Worth, Texas-based XTO expects proved reserves at year- end 2002 to exceed 3.25 Tcfe, compared with its...

Denbury Replaces Reserves.(Denbury Resources reported it replaced 271% of its 2002 production)(Brief Article)
February 3, 2003... Dallas-based independent Denbury Resources on Friday reported it replaced 271% of its 2002 production. Denbury's total proved oil and natural gas reserves as of Dec. 31 were 130.7 million boe, consisting of 97.2 million bbl of crude oil...

Talisman Sale Makes Progress.(Talisman Energy makes progress toward obtaining approvals from Sudanese government for sale of 25% interest in Greater Nile Oil Project in Sudan )(Brief Article)
February 3, 2003... Calgary-based Talisman Energy said it has made "substantial progress" toward obtaining approvals from the Sudanese government for the sale of its 25% interest in the Greater Nile Oil Project in Sudan to India's state exploration firm Oil and...

Treaty Advances Chevron Project.(Intergovernmental treaty between Nigeria, Togo, Ghana, and Benin helps ChevronTexaco clear major obstacle in West African Gas (WAG) pipeline scheme)(Brief Article)
February 3, 2003... ChevronTexaco has cleared one of the major obstacles to its West African Gas (WAG) pipeline scheme with the signing Friday of an intergovernmental treaty between Nigeria, Togo, Ghana, and Benin that will set the common legal framework needed to...

Petrobras Makes New Discovery.(Brief Article)
February 3, 2003... Brazil's energy giant Petrobras announced late last week that it made a deepwater oil discovery close to the Marlim Leste field in the Campos Basin. Estimated reserves at the 9-MLL-3-well are approximately 150 million boe, according to...

St. Mary Closes Purchase.(St. Mary Land & Exploration buys oil and gas properties from Flying J Oil & Gas and Big West Oil & Gas)(Brief Article)
February 3, 2003... St. Mary Land & Exploration said Friday it completed the acquisition of oil and gas properties from Flying J Oil & Gas and Big West Oil & Gas on Jan. 29. St. Mary has issued 3.4 million shares of its restricted common stock for an...

Shell Reshuffles Executives.(Royal Dutch/Shell names Linda Cook to replace Tim Faithfull as president and chief executive officer of Shell Canada)(Brief Article)
February 3, 2003... Royal Dutch/Shell has named Linda Cook, current chief executive officer of the group's global gas and power business, to replace Tim Faithfull as the president and chief executive officer of Shell Canada. Faithfull, head of Shell Canada since...

Bush Budget Boosts Energy Development.
February 4, 2003... President Bush on Monday proposed to raise $2.4 billion through lease sales in the Arctic National Wildlife Refuge (ANWR), a key piece of his fiscal 2004 budget that continues his pledge of increasing domestic oil and gas production. The...

EnCana Opts Out of Syncrude; Canadian Oil Sands Trust Adds Stake.
February 4, 2003... The business of portfolio rationalization continued at EnCana on Monday, as North America's largest independent producer opted to sell its stake in the Syncrude oil sands venture to Canadian Oil Sands Trust for C$1.07 billion (US$700 million)....

Oil Price Sits Somewhere Between Hype, Reality.
February 4, 2003... Even though the world's largest oil producers are concerned about a looming supply glut as customers turn down offers for extra barrels, analysts say the headline-obsessed futures market should ensure that US benchmark prices do not fall much...

Crude, Product Futures Fall on Venezuela Strike Fraying.(Brief Article)
February 4, 2003... Oil prices on both sides of the Atlantic fell sharply on Monday on news that production out of strike-ridden Venezuela is increasing and bearish statements from Opec ministers on fundamentals. Front-month crude for March delivery on the New...

New EPA Tanker Emissions Rules Jibe with Global Standards.
February 4, 2003... The Environmental Protection Agency (EPA) late Friday issued new air emission standards for engines used in oil tankers and other vessels that are consistent with international standards adopted by the International Maritime Organization. ...

German Power Firm E.On, 3TEC Energy Among Winners on Wall St.
February 4, 2003... A week of earnings reports proved significant for energy shares, as fourth-quarter and year-end results shaped the gainers and decliners list, according to figures from John S. Herold. Equity markets suffered their third-straight week of...

Dissident Shareholders to Start Proxy Battle With El Paso.
February 4, 2003... A group of dissident El Paso shareholders led by Selim Zilkha plans a fight to acquire control of El Paso's board of directors and replace much of the company's senior management team, Oil Daily has learned. The Zilkha family is El Paso's...

California's Ethanol Switch to Drive Up State's Gasoline Prices.
February 4, 2003... Californians may be faced with high pump prices this spring as refiners and marketers are set to make the switch from methyl tertiary butyl ether (MTBE) to corn-based ethanol. Many analysts, and even the governor of California, say that...

Plains Exploration to Acquire 3TEC Energy in $432 Million Deal.
February 4, 2003... Plains Exploration & Production said Monday it plans to acquire 3TEC Energy in a $432 million deal that will raise its exposure to natural gas, boost its exploration profile, and give it new core operating areas in East Texas and South...

High Commodity Prices Do Little to Boost Oil Company Shares.
February 4, 2003... Shares of top oil and gas equities have gotten off to a slow start in 2003 despite the presence of high oil and gas prices. EIG's International Petroleum Finance (IPF) Oil and Gas Index, comprised of 15 of the world's largest publicly...

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

Heating Degree Days.
February 4, 2003... Heating Degree Days Week Dev Cum Dev For week of From From From February 1, 2003 Week From Year...

Stock Market Scorecard.
February 4, 2003... Stock Market Scorecard Close 1-Day. % Chg. Feb 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors ConocoPhillips 49.58 +1.39 ...

Iraqi Opposition, State Dept. End Talks.
February 4, 2003... The second meeting between US State Department officials and 11 Iraqi opposition members ended Saturday with a vague call for further oil investment in a post-Saddam Iraq. The so-called Oil and Energy Working Group of the State...

Oxy Replaces 140% Reserves.(Brief Article)
February 4, 2003... Los Angeles-based Occidental said Monday it replaced 140% of its 2002 worldwide production of 188 million boe at an average finding, development, and acquisition cost of $4.65/boe. Extensions and discoveries contributed 51 million boe (19%)...

Mexican December Output Up.(Pemex )(Brief Article)
February 4, 2003... Mexico's state oil company Pemex reported late last week crude production for December of 3.269 million b/d, a gain of 189,000 b/d from November's depressed level. After the unexpected 5.4% monthly decline in November, the market was...

Petrobras Names New Board.(Brief Article)
February 4, 2003... Brazil's state energy giant Petrobras has appointed new members of its executive board as part of the expected company reshuffle since the recent election of President Luiz Inacio Lula da Silva. Most of the new of directors are long-time...

Venezuela Strike Scaled Back.(Brief Article)
February 4, 2003... Foes of Venezuela's President Hugo Chavez have decided to scale back a 62-day strike, but they vowed the work slowdown would continue in the country's oil industry. Both the government and members of the opposition agreed Monday that crude...

FERC OKs Reliant Settlement.(Brief Article)
February 4, 2003... Houston-based Reliant Resources is paying the Federal Energy Regulatory Commission (FERC) $13.8 million to settle allegations that it idled needed power plants less than a week after blackouts hit Northern California in 2000. The...

Vintage Closes Sale to EnCana.(Brief Article)
February 4, 2003... Vintage Petroleum said Monday that it closed the previously announced sale of its wholly owned subsidiary, Vintage Oil Ecuador, to Canadian independent EnCana for approximately $137.4 million. Vintage Oil Ecuador held all of Vintage's...

CMS Sells Pipeline Stake.(Brief Article)
February 4, 2003... CMS Energy said Monday its pipeline unit has agreed to sell its one-third stake in Centennial Pipeline for $40 million. The pipeline's other two partners, Marathon Ashland Petroleum and TE Products Pipeline, will have 50% ownership in...

Chesapeake Closes Oneok Deal.(Brief Article)
February 4, 2003... Chesapeake Energy announced Monday the completion of its previously announced acquisition of US Midcontinent natural gas assets from Tulsa-based Oneok for $300 million (OD Dec.5,p4). Chesapeake estimates the assets include 200 Bcfe of...

Repsol Ups Trinidad Stake.(BP Trinidad & Tobago)(Brief Article)
February 4, 2003... Repsol confirmed Monday that it would exercise an option to increase its stake in a company that owns producing assets in Trinidad and Tobago from 10% to 30%. The Spanish energy giant acquired a 10% stake in BPRY, the owner of BP Trinidad &...

Speculators Cut Long Positions.(Brief Article)
February 4, 2003... Crude oil speculators on the New York Mercantile Exchange slashed net long positions during the week ended Jan. 28 in a bet prices would fall, the Commodity Futures Trading Commission (CFTC) said Friday. The CFTC's weekly Commitments of...

Service Unaffected by Pipe Blast.(Brief Article)
February 4, 2003... El Paso on Monday said there were no delivery interruptions and no injuries following an explosion on its ANR natural gas pipeline in Illinois. "We're meeting all of our shipping obligations. We stopped the flow of gas in that section and...

Syncrude Contracts Jacobs.(Brief Article)
February 4, 2003... Syncrude Canada issued a construction contract to a California-based Jacobs Engineering Group for a $250 million expansion of Syncrude's oil sands facility at Fort McMurray, Alberta, Jacobs announced Monday. The first stage of the upgrader...

January Demand Strong, But Market in Balance.(oil futures, United States and Europe; statistics)(Industry Overview)
February 5, 2003... Oil futures on both sides of the Atlantic are still soaring, but global oil fundamentals and physical trade tell a story of a supply crisis that never was. After a modest 1.7 million barrel per day supply shortfall in December, January's...

EOG Finds Gas at First North Sea Well.(EOG Resources, natural gas discovery)
February 5, 2003... EOG Resources disclosed Tuesday that it recently made its maiden voyage into the UK North Sea, taking a 25% stake in a natural gas prospect drilled by an unidentified major that resulted in a discovery with estimated reserves of 120 billion...

Futures Stage Upward Reversal; Powell Speech Could Hasten War.(oil futures, international)(Brief Article)
February 5, 2003... Oil futures staged an upward reversal on Tuesday, rallying nearly $1 per barrel on the day before US Secretary of State Colin Powell was to present the UN Security Council with evidence to bolster the US case for an invasion of Iraq. ...

US Spot Crude Differentials Steady in Oversupplied US Market.(petroleum prices)
February 5, 2003... US spot crude differentials were steady to slightly wider early this week, as Venezuelan production coming back on stream and increasing foreign cargoes combine to create an oversupplied US market. With Venezuelan production climbing to...

Hitting Pre-Strike Levels May Be Tough for Scaled Down PDV.(Petroleos de Venezuela, oil production)
February 5, 2003... With oil operations at Venezuelan ports slowly returning to normal, President Hugo Chavez has managed to break up the main bottleneck caused by a two-month old opposition-led strike. The big question now is whether the government can ramp up...

Iraqi Exports Bounce Back.(Brief Article)
February 5, 2003... Iraqi crude oil exports bounced back to 15.2 million bbl in the week ended Jan. 31, or 2.17 million b/d, up from 1.62 million b/d the previous week, United Nations data released Tuesday show. An ever-growing volume of Iraqi crude is being...

Mexico Looks to LNG to Fill Growing Gap in Supply, Demand.(liquefied natural gas )
February 5, 2003... Mexico's natural gas industry has a big challenge: gas demand is projected to grow by about 7% per year over the next 10 years, but domestic gas production, which is projected to rise a little less than 6% per year over the same period, won't...

Bolivian Government to Make Key LNG Port Decision by June.(liquefied natural gas transportation issues )
February 5, 2003... The government of land-locked Bolivia plans to decide by June if it will use a port in Chile or Peru to export liquefied natural gas (LNG) from its rich Margarita natural gas field to Mexico. Bolivia boasts gas reserves of 52.3 trillion cubic...

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

Stock Market Scorecard.(Illustration)
February 5, 2003... Stock Market Scorecard Close 1-Day. % Chg. Feb 04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Marathon 21.84 +0.44 ...

Energy Sector Tops Hacker List.(Brief Article)
February 5, 2003... Energy and power companies suffer a higher rate of attacks on their computer systems than any other industry, according to a report released by security specialist Symantec. In the last six months, Symantec said that approximately 60% of power...

Magnum Hunter Makes Gulf Finds.(Brief Article)
February 5, 2003... Magnum Hunter Resources announced Tuesday it made two discoveries in the Gulf of Mexico and brought on line several Gulf of Mexico discoveries made last year. The West Cameron Block 416 No. 1 discovery encountered a gas sand with...

Canadian Oil Sands Raises Funds.(via sale of subscription receipts )(Brief Article)
February 5, 2003... Calgary-based Canadian Oil Sands Trust said Tuesday that it entered into an agreement with a syndicate of underwriters to sell 10.7 million subscription receipts at a price of C$35 per receipt to raise gross proceeds of C$375 million (US$248...

BP Sells Asian LNG Stake.(to CNOOC )(Brief Article)
February 5, 2003... BP said Tuesday it sold a 12.5% stake in its Tangguh liquefied natural gas project in Indonesia to China's biggest offshore oil producer, CNOOC, for $275 million. The deal, which follows the signing last September of a 25- year agreement...

Colombia Stems Royalty Abuses.(national government takes control of oil royalties away from state governments )(Brief Article)
February 5, 2003... In an attempt to halt the draining of oil royalties into the wrong hands, the government of Colombian President Alvaro Uribe is taking over management of oil royalties from the state governors. The primary target of officials investigating...

Oil Tax Would Fund Iraqi War.(Representatitive Dennis Kucinich is introducing legislation that would impose a windfall profit tax on oil and gas companies)(Brief Article)
February 5, 2003... A House Democrat plans to introduce legislation that would impose a windfall profit tax on oil and gas companies to help pay for a possible war on Iraq. The legislation, by Rep. Dennis Kucinich (D-Ohio), sets up a mechanism that would...

Williams Sells Power Plant.(in Indiana to Hoosier Energy for $67 million)(Brief Article)
February 5, 2003... Energy company Williams said Tuesday it sold an Indiana power plant for $67 million to Hoosier Energy and canceled a related power contract as part of its drive to scale back its energy marketing and risk management portfolio. Williams...

El Paso Closes Asset Sales.(El Paso and its El Paso Field Services unit sell off assets)
February 5, 2003... El Paso on Tuesday announced the closing of two transactions in the troubled company's asset divestiture program. El Paso Field Services, a unit of Houston-based El Paso, completed the sale of 18 gathering systems in Wyoming to independent...

Carbon Sells N.M. Assets.(Carbon Energy)(Brief Article)
February 5, 2003... Natural gas developer Carbon Energy announced Tuesday that it has entered into an agreement to sell the company's interests in 98 gross wells (24 net wells) and 26,300 gross acres (8,600 net acres) located primarily in southeast New Mexico for...

US Pump Prices Jump.(Brief Article)
February 5, 2003... The price of US gasoline jumped 5.4cents per gallon last week, the biggest weekly increase in 10 months, the Energy Department said Monday. The price for regular unleaded gasoline averaged $1.527/gallon -- up 37cents from a year ago and the...

ICE Unveils Record Revenue.(IntercontinentalExchange)(Brief Article)
February 5, 2003... The IntercontinentalExchange (ICE) may have silenced some of its critics Tuesday when it announced record transactions, revenues, and profits for 2002. London's International Petroleum Exchange (IPE) also confirmed that it would start...

Chevron Names Gas Marketing Execs.(Don Haley, Steve Wilson, Charlie Mertz appointed)(Brief Article)
February 5, 2003... ChevronTexaco on Tuesday announced several appointments within ChevronTexaco Natural Gas (CTNG), the company's new US wholesale natural gas marketing unit (OD Jan.21,p7). Don Haley has been appointed vice president-trading, and will be...

Correction.(Correction Notice)
February 5, 2003... An article in the Feb. 4 issue on EnCana selling its stake in the Syncrude oil sands venture incorrectly said the company plans to focus on projects at Foster Lake and Christina Lake. The projects are actually Foster Creek and Christina Lake....

UN Majority Rejects War, Urges Iraq to Open Up.(United Nations Security Council policy on weapons inspectors )
February 6, 2003... A majority of the United Nations Security Council, 11 of the 15 members, wants to give UN weapons inspectors more time to work in Iraq, or even strengthen inspections, but this support is set to erode rapidly if Iraq fails to hand over...

El Paso Goes Back to Basics, Will Exit LNG.(fourth restructuring plan )
February 6, 2003... El Paso is disposing of the last elements of the "new economy" energy company it unveiled almost two years ago to go back to the basics of exploration and production, natural gas pipelines, gas gathering and processing, and a few power plants....

Opec Grapples with Thorny Issue of Production Quota Distribution.(possible framework for new quota allocations)
February 6, 2003... Opec is attempting to come to grips with one of the 11- nation producer group's most divisive issues -- how to fairly distribute production quotas. Technical experts from member countries meeting in Vienna on Wednesday agreed on a possible...

Powell's United Nations Address Fails to Excite Crude Market.(US Secretary of State Colin Powell's United Nations talk)
February 6, 2003... Oil markets were less than impressed with US Secretary of State Colin Powell's presentation to the United Nations on Wednesday, with crude futures in New York and London falling off intraday highs after the speech to close only moderately...

Merchant Woes Occur as US Infrastructure Needs Upgrading.(El Paso will sell another $3 bn in assets )
February 6, 2003... With dozens of energy companies being forced to pay down debt, most pipeline and power companies lack the creditworthiness to invest in much-needed, long-term improvements to the US energy infrastructure. On Wednesday, for example, El Paso...

Russia Signs Oil Deal in Iraq, But Mixed Signals Concern Iraqis.(U.S. military action may terminate new oil contracts)
February 6, 2003... BAGHDAD -- Russia signed another contract to develop Iraqi oil fields this week, but there is creeping concern in Baghdad about what are seen as mixed signals from Moscow over possible US-led military action against Iraq. Russia's...

War Fears Take Toll on Saudi Arabia Natural Gas Initiative.(international oil companies asked to invest $20 bn)
February 6, 2003... Uncertainties surrounding a looming war in Iraq and the potential for turmoil in its wake are taking a heavy toll on Saudi Arabia's ambitious project to get international oil companies to invest $20 billion-plus in developing its gas resources...

Oil Industry, Republicans Applaud Budget, Democrats Attack.(Democrats and environmental groups oppose Pres. Bush)
February 6, 2003... President Bush's fiscal 2004 budget has drawn cautious optimism from the oil industry and high praise from Republicans, but blistering criticism from Democrats and environmental groups. The $2.23 trillion budget, released Monday, proposes...

Daily Oil & Gas Price Review.(Brief Article)
February 6, 2003... Prices for Wednesday, February 5, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex...

EIA Weekly Statistics.(Brief Article)
February 6, 2003... Department of Energy Weekly Statistics For Week Ended January 31, 2003 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current Previous ....

Stock Market Scorecard.(Brief Article)
February 6, 2003... Stock Market Scorecard Close 1-Day. % Chg. Feb 05 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Marathon 22.01 +0.17 ...

Enron Trader Pleads Guilty.(Jeffrey Richter admits to false statements)(Brief Article)
February 6, 2003... A former Enron trader pleaded guilty Tuesday to conspiracy to commit wire fraud in connection with Enron's schemes to manipulate prices in California's energy market, the US Attorney's office said. Jeffrey Richter, 33, who entered his plea...

Ethanol Cuts Emissions in '02.(Renewable Fuels Association report)(Brief Article)
February 6, 2003... The use of ethanol-blended fuels reduced CO2-equivalent greenhouse gas emissions by approximately 4.3 million tons in the US during 2002, the Renewable Fuels Association (RFA) announced Wednesday. The reduction is equivalent to removing the...

Firms Face Credit Problems.(energy companies' refinancing of $100 bn in debt )(Brief Article)
February 6, 2003... US energy companies will have to pay more because of credit ratings downgrades to refinance $100 billion in debt that will come due this year, a government investigator said Wednesday. Last year about 180 energy firms were downgraded by...