The Oil Daily articles from July 2004

The Oil Daily archives from July 2004

Most Tankers Meet Today's Security Deadline.
July 1, 2004... LONDON -- Just over half the world's shipping fleet -- and roughly the same proportion of its ports -- will meet today's deadline for the introduction of the International Ship and Port Facility Security (ISPS) code, aimed at reducing the...

Refiners Sue EPA Over Smog Deadline.
July 1, 2004... WASHINGTON -- The National Petrochemical and Refiners Association (NPRA) is suing the Environmental Protection Agency (EPA) over rules that could require refiners in some areas to meet tight deadlines to comply with tough new air pollution...

Latin American Ports Largely Report Security Compliance.
July 1, 2004... NEW YORK -- Most Latin American oil exporters say they are in compliance with new security measures designed to reduce shipping's vulnerability to terrorist attacks. While shippers -- especially tanker and cruise ship owners -- had scrambled to...

Saudi Official Remarks, Inventory Data Boost Crude Futures 3.9%.
July 1, 2004... WASHINGTON -- The ability of markets to quickly change sentiments was on display in the New York Mercantile Exchange (Nymex) crude futures market Wednesday. Until Wednesday, Nymex US crude oil futures had beaten down three straight days to...

Exxon Mobil, Qatar Book LNG Capacity in Europe.
July 1, 2004... LONDON -- Exxon Mobil and Qatar Petroleum (QP) are expanding their planned penetration of the European liquefied natural gas market from the UK to the continental market, under an agreement signed on Wednesday. Belgium's Fluxys said it...

First Camisea Natural Gas Arrives in Lima Ahead of Schedule.
July 1, 2004... NEW YORK -- The first natural gas from the Amazon arrived more than a month ahead of schedule in Lima last Thursday, completing the first stage of Peru's largest infrastructure project since the Incas built Machu Picchu. Gas from the Camisea...

EIA Weekly Statistics.(Energy Information Administration, petroleum )(Illustration)
July 1, 2004... Summary of Weekly Petroleum Data for the Week Ending June 25, 2004 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Current Previous Week...

Daily Oil & Gas Price Review.(Illustration)
July 1, 2004... Daily Oil & Gas Price Review Prices for Wednesday, June 30, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg ...

Stock Market Scorecard.(petroleum industry )(Illustration)
July 1, 2004... Stock Market Scorecard Close 1-Day % Chg. 6/30 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Amerada Hess 79.19 +1.96 ...

PDV SEC Filing Appears Late.(Petroleos de Venezuela )(Brief Article)
July 1, 2004... There were strong indications Wednesday that Venezuela's oil giant Petroleos de Venezuela (PDV) had failed to file its 2003 financial report to the US Securities and Exchange Commission (SEC) by the Jun. 30 deadline. PDV officials could...

Key Energy to Close Offices.(Brief Article)
July 1, 2004... Key Energy Services of Midland, Texas, said Wednesday it is closing two of its offices and studying consolidating others in a cost-cutting move. Citing expenses for a restatement and rising labor costs, the company said it was closing its...

Parker Drilling Delays Sale.(Brief Article)
July 1, 2004... Company officials have delayed the anticipated sale of Gulf of Mexico jackup and platform rigs by Houston-based Parker Drilling until at least the third quarter. The sale of the rigs was originally expected to close Wednesday, according to...

UHS Proves Nitrogen Pressure.(United Heritage )(Brief Article)
July 1, 2004... Small, Texas-based independent oil and natural gas producer United Heritage announced Wednesday that it has begun to successfully inject nitrogen to maintain pressure in several of its wells in the Val Verde Basin in Edwards County, Texas. ...

No End to Rights Lawsuits.(United States corporations)(Brief Article)
July 1, 2004... The Supreme Court has left the door open for foreigners to sue US corporations over alleged violations of international laws relating to human rights and other abuses. In a ruling Tuesday, the Supreme Court threw out the case of a Mexican...

Lexington Expands CBM Land.(coalbed methane)(Brief Article)
July 1, 2004... Small, Nevada-based coalbed methane producer Lexington Resources announced Wednesday that it has acquired leases on roughly 4,600 acres of coalbed methane production on 38 sections of land in Hughes and McIntosh counties in east- central...

Regulators to Meet on LNG.(liquefied natural gas )(Brief Article)
July 1, 2004... California energy regulators will meet with lawyers next week to consider their next moves in a fight with the Federal Energy Regulatory Commission (Ferc) over a proposed liquefied natural gas (LNG) terminal. The California Public Utilities...

Mitsubishi Wins LNG Orders.(Mitsubishi Heavy Industries Ltd)(Liquefied natural gas)(Brief Article)
July 1, 2004... Japan's Ishikawajima-Harima Heavy Industries and Mitsubishi Heavy Industries have won a $320 million order for engineering, procurement, and construction work on a liquefied natural gas (LNG) receiving terminal planned in Taiwan. The site...

Chevron: No Coker Problem.(ChevronTexaco Corp.)(Brief Article)
July 1, 2004... ChevronTexaco on Wednesday said it has no problems operating a coker unit at its 273,000 b/d refinery in El Segundo, California. Traders on Tuesday said a shutdown of a coker at the refinery boosted jet fuel differentials in California spot...

WesternGeco Gets Norway Work.(Brief Article)
July 1, 2004... Statoil has awarded a survey contract at its Heidrun and Norne fields in the Norwegian Sea to Schlumberger subsidiary WesternGeco. According to Schlumberger, WesternGeco began conducting the Heidrun Q-Marine, 4D seismic survey in mid-June...

Sunoco Ups NJ Pipeline Share.(Sunoco Logistics Partners L.P.)(Brief Article)
July 1, 2004... Sunoco Logistics, a partnership formed by Sunoco to manage crude and products pipelines and terminals, announced Wednesday that it has complete its purchase of another 33.3% share of the Harbor Pipeline from an El Paso affiliate for $7.3...

Unocal, Devon Upbeat on St. Malo Appraisal.(petroleum explorations)
July 6, 2004... HOUSTON -- Unocal and partner Devon Energy have been making some upbeat noises following a successful appraisal of their St. Malo deepwater oil discovery in the Gulf of Mexico. The St. Malo field, discovered last October on Walker Ridge block...

Russian Output, Strong Prices Help BP's Q2.(financial status)
July 6, 2004... LONDON -- BP is expecting a healthy 17% rise in its oil production for the second quarter of 2004, compared with the same period last year, with the growth driven by improved volumes at its TNK-BP joint venture, the company said Friday....

Besieged Yukos Threatens to Curb Operations After Tax Hit.(taxation)
July 6, 2004... MOSCOW -- Russia's Yukos said its current operations could be halted after authorities froze the company's bank accounts to guarantee payment of a crippling $3.4 billion tax bill. Yukos said Friday that with its bank accounts frozen, it might...

Crude Futures Close Lower Despite Late Short Covering Action.
July 6, 2004... WASHINGTON -- In a light day of trading Friday, New York Mercantile (Nymex) crude futures fell slightly on a day when prices sea-sawed amid wrestling between mild profit taking following a two-day rally and a wave of late short covering....

Mild Weather, Holiday Weekend Soften Natural Gas Prices.(gas industry news)
July 6, 2004... WASHINGTON -- Unusually mild weather for early July had natural gas markets caught in a holding pattern ahead of the long Independence Day weekend. The market outlook is still bullish for the looming summer but traders await some indication of...

Sours Weaken as Mars Platform Returns to Service.(stocks)
July 6, 2004... WASHINGTON -- In the US spot market, sours weakened last week while sweets mostly held steady versus benchmark West Texas Intermediate (WTI). The main factor contributing to the decline of sours was the return of the deepwater Mars platform in...

Oil Company Shares Keep Pace With Broader Market in June.
July 6, 2004... HOUSTON -- Oil and gas companies kept pace with the broader market in June, as share prices of most of the world's top oil firms continue to be lifted by remarkably strong oil prices and US natural gas prices. The IPF Oil and Gas Index...

Impressive Global Oil Demand Growth More Than Matched by Supply.(oil industry news)
July 6, 2004... NEW YORK -- Global fundamentals continue to show an adequately supplied market despite strong growth in oil demand. Based on preliminary estimates for June, second quarter supply exceeded global demand by 1.9 million barrels per day as demand...

Proposed New Rules on Bunker Fuels Drive Shippers Bonkers.(regulations)
July 6, 2004... NEW YORK -- After decades of talk, a big push from regulators and some sectors of the shipping industry to limit vessel emissions and take sulfur out of bunker fuels is reaching a crescendo. Ship owners are worried that this will leave them...

Baker Hughes.(oil drilling)(Brief Article)
July 6, 2004... US Rig count rises by 25 The number of rigs searching for oil and gas in the US rose by 25 to 1,201 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,077 rigs in operation. The number of rigs...

Canadian Gas Storage.(gas industry statistics)(Brief Article)
July 6, 2004... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 16.8 Bcf to 310.1 Bcf for the week ended Jun. 25. Storage caverns are 62.5% full, up from 59.1% the previous week and 51.3% a year ago. (Bcf) ...

Daily Oil & Gas Price Review.(Illustration)
July 6, 2004... Daily Oil & Gas Price Review Prices for Friday, July 2, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg ...

Stock Market Scorecard.(Illustration)
July 6, 2004... Stock Market Scorecard Close 1-Day % Chg. 7/Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Marathon 38.00 +0.53 +1.41 ...

New Head of Somo Named.(State Oil Marketing Organization of Iraq)(Brief Article)
July 6, 2004... Iraq's new Oil Minister Thamer al-Ghadban has made his first major personnel change, replacing the head of the State Oil Marketing Organization (Somo) with an official from his office. "It's an internal matter," al-Ghadban told Oil Daily from...

Conoco Expects Q2 Output Dip.(ConocoPhillips)(Brief Article)
July 6, 2004... ConocoPhillips expects its second-quarter worldwide oil and gas output to fall 3%-4% from first-quarter production because of scheduled maintenance, seasonal declines and asset sales, the Houston-based company said late Thursday in a quarterly...

Pogo Hungary Find Limited.(Pogo Producing Co)(Brief Article)
July 6, 2004... Houston based independent oil and gas explorer Pogo Producing announced Friday that it's 9,300-foot-deep Orm-K-3 well in its Hungarian Szonok license area found only a limited hydrocarbons, though the company is still evaluating the well logs...

Transocean Struck in Norway.(workers strike)(Brief Article)
July 6, 2004... Offshore oil and gas drilling contractor Transocean said Jul. 1 a strike was called by one of three unions representing offshore workers in Norway, Reuters reported Friday. Houston-based Transocean said the OFS union called the strike,...

First Calgary Spuds Well.(First Calgary Petroleum Ltd)(Brief Article)
July 6, 2004... Canadian junior First Calgary (FCP) said that it has started drilling the Algerian Block 405b MZLN-1 exploration well to the west of its successful MLE gas-condensate development (OD Jun.7,p4). FCP's news release said the planned 14,850-foot...

Tesoro Slashes Debt.(Tesoro Petroleum Corp.)(Brief Article)
July 6, 2004... Independent refiner and retailer Tesoro Petroleum announced Friday that it has paid off the remaining $297.5 million principal due on 9% senior subordinated notes due in 2008. The company will also record a $16 million pretax charge in the...

Range to Pay Off Debt.(Range Resources Corp.)(Brief Article)
July 6, 2004... Fort Worth-based Range Resources announced Friday that it will redeem all of its outstanding, 6%, convertible subordinate notes on Aug. 1 at a redemption price equivalent to 102% of the outstanding principal plus accrued interest, for a total...

Angola Exports Near 1M b/d.(business forcasts)(Brief Article)
July 6, 2004... Angolan crude oil exports in August should climb to around 950,000 b/d thanks to the start-up of the country's first big development in three years, traders told Reuters Friday. Exports will rise from an estimated 830,000 b/d in July with first...

US Blocks Bolivia Ship.(international relations)(Brief Article)
July 6, 2004... The Coast Guard barred a Bolivian-flagged freighter from entering the Port of Miami on Thursday because it lacked security documents required under new global anti-terrorism laws, the agency told Reuters. The Bolivian-flagged cargo ship Dahomey...

Energy Tax Bill Action Expected.(Brief Article)
July 6, 2004... A corporate tax bill that includes energy benefits is expected to be a key priority when Congress returns from its Independence Day recess today. The legislation is being finalized by a conference committee of Senate and House members, where a...

Chevron Resumes Texaco Brand.(contracts)(Brief Article)
July 6, 2004... ChevronTexaco announced Friday that it will begin marketing gasoline under the Texaco brand across the eastern and southeastern US by the end of the year. As part of the its 2001 merger with Texaco, Chevron leased the marketing rights for...

Holly Gets Pipe Settlement.(Brief Article)
July 6, 2004... Independent refiner and distributor Holly announced Friday that it has received payment as part of the $27.2 million settlement with Longhorn Partners reached when Holly terminated a prepaid agreement to ship refined products on the Longhorn...

Plains Hires Two New VPs.(Plains All American Pipeline L.P., John Russell, James Fryfogle )(Brief Article)
July 6, 2004... Plains All American Pipeline announced Jul. 1 that it has hired former Exxon Mobil executive John Russell as its new vice president of pipeline operations and former Marathon Ashland Petroleum supply manager James Fryfogle as its new vice...

Murphy Names New Managers.(Murphy Oil Corp., Paul Wells, Marn Cheng )(Brief Article)
July 6, 2004... Murphy Oil announced Friday that it has named Paul Wells as its new general manager for support services and Marn Cheng has been named pricing manager. Wells joined Murphy Oil in 1998 and has been the company's retail pricing manager since...

Business Groups, Greens Split on Edwards.(John Edwards)
July 7, 2004... WASHINGTON -- Charismatic Sen. John Edwards, picked Tuesday by Democratic presidential candidate John Kerry to be his running mate in November, has notched up a solid environmental record since his entry into national politics a mere six years...

Chevron Courts Moscow, Unfazed by Yukos Saga.(ChevronTexaco Corp. investments and securities)
July 7, 2004... MOSCOW -- ChevronTexaco is ready to invest billion of dollars in Russia, undeterred by the government's onslaught on Yukos. Even as the government crackdown on Yukos reached its peak - - with the threat that its assets could be put up for a...

Futures up 3.3% on Iraq, Nigeria and Russia Supply Problems.
July 7, 2004... WASHINGTON -- Crude oil prices jumped more than $1 per barrel Tuesday, as disruptions on Iraqi pipelines over the weekend and supply concerns in Russia and Nigeria brought futures close to the all-important $40/bbl psychological level. New...

Total Scales Back in Alsaka, May Sell NPR-A Leases.(National Petroleum Reserve-Alaska)
July 7, 2004... NEW YORK -- When French oil major Total opened its office in Anchorage last year and brought in a staff of five, it looked like the Alaskan North Slope would get some new blood to revitalize languishing exploration activity there. Total...

Pogo Tumbles After Disappointing Drilling Results in Hungary.(Pogo Gulf Coast Ltd.)
July 7, 2004... HOUSTON -- Houston-based independent Pogo Producing saw its shares fall 10.1% last week on news of disappointing drilling results in Hungary but gas pipeline giant El Paso gained 6.5% after presenting strategic plans for its upstream business....

Saudi Aramco Gains Secure Crude Outlet in Japan With Shell.(Showa Shell Sekiyu)
July 7, 2004... SINGAPORE -- Saudi Aramco's plan to buy a 15% stake in Royal Dutch/Shell's Japanese affiliate Showa Shell Sekiyu, announced late Monday, will see it acquire the rights to supply 300,000 barrels per day -- or around 55% of the refiner's total...

Cooling Degree Days.(Illustration)
July 7, 2004... Cooling Degree Days Week Dev Cum Dev For week of From From From July 3, 2004 Week From...

Daily Oil & Gas Price Review.(Illustration)
July 7, 2004... Daily Oil & Gas Price Review Prices for Tuesday, July 6, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum industry)(Illustration)
July 7, 2004... Stock Market Scorecard Close 1-Day. % Chg. Jul 06 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors BP 53.72 +0.64 +1.21...

Chevron Lets Hydrogen Work.(ChevronTexaco Corp.)(Brief Article)
July 7, 2004... ChevronTexaco announced Tuesday that it has selected Canada- based Stuart Energy Systems to design and build hydrogen fueling station modules that will work with ChevronTexaco's "proprietary hydrogen reformer technology" and will form a part of...

Harken Highlights Output.(Harken Energy Corp.)(Brief Article)
July 7, 2004... Texas-based independent oil and gas producer Harken Energy announced Tuesday that its net domestic production rose to 9.2 MMcfe/d of natural gas by mid-2004. In a news release, the company said it remains committed to develop is offshore...

Exxon Mum on Libya Deal.(Tamoil acquires Exxon Mobil Corp's assets in Africa.)
July 7, 2004... Exxon Mobil is refusing to comment on news reports suggesting that it has sold some of its assets in Africa to Libyan investment arm Tamoil. If true, it would mark the first acquisition of a US company's assets by a Libyan firm since...

PDV Ships Blendstock in June.(Petroleos de Venezuela )(Brief Article)
July 7, 2004... Venezuelan state oil firm Petroleos de Venezuela (PDV) shipped 720,000 bbl of reformulated blendstock for oxygenate blending (RBOB) to the US in June, according to Fernando Padron, a manager at PDV's Amuay-Cardon refinery, said in a Tuesday...

Petrobras Invests in Cuba.(Petroleo Brasileiro S.A.)(Brief Article)
July 7, 2004... Brazil's state oil company Petrobras will invest $20 million to build a lubricants plant in Cuba, a company spokesman said on Tuesday. He said Petrobras was the only investor in the project. Petrobras would likely ship its prefabricated...

PDV Plans to Boost Gas Output.(Petroleos de Venezuela S.A.)(Brief Article)
July 7, 2004... Venezuela's state oil company, Petroleos de Venezuela (PDV), will nearly double its natural gas output by 2009, a company director announced Tuesday at a conference in Cartagena, Colombia. PDV Director Nelson Martinez said the company will...

Shell Re-brands Texaco.(Brief Article)
July 7, 2004... Although Chevron merged with Texaco in 2002, about 4,600 Texaco stations around the country are now sporting the Shell brand name because Shell and Shell-Saudi Refining joint venture Motiva no longer have the exclusive right to use the Texaco...

Provident Buys BreitBurn.(Provident Energy Trust, BreitBurn Energy Company L.L.C.)(Brief Article)
July 7, 2004... Calgary-based Provident Energy Trust announced Tuesday that it has secured $186.2 million in financing -- including $136 million from the sale of 13.1 million trust units and a $50 million debt issue -- to pay off short-term debt acquired when...

Conoco Inks Freeport LNG Deal.(ConocoPhillips, liquefied natural gas)(Brief Article)
July 7, 2004... ConocoPhillips has acquired 1 Bcf/d of regasification capacity in the planned Freeport liquefied natural gas (LNG) terminal planned for Brazoria County, Texas. Officials with ConocoPhillips and Cheniere Energy made the announcement Tuesday...

Traders Reduce Net Longs.(petroleum industry)(Brief Article)
July 7, 2004... Noncommercial crude speculators on the New York Mercantile Exchange decreased their net long positions in the week ended June 29, according to a Commodity Futures Trading Commission report on Friday. Noncommercial crude speculators reduced...

Kazakhstan Seizes Parker Rig.(Parker Drilling Co.)(Brief Article)
July 7, 2004... Houston-based Parker Drilling said late Friday that officials in Kazakhstan have seized one of the company's offshore drilling barges, the Sunkar, in a customs dispute. According to Parker, Customs Control in Mangistau Oblast along the...

Tesoro Cuts Unit Output.(Tesoro Petroleum Corp.)(Brief Article)
July 7, 2004... Gasoline and diesel production will be lowered at Tesoro Petroleum's 161,000 b/d refinery in Martinez, California, through the end of the week, the company said Tuesday. Repairs on the refinery after a Sunday boiler shutdown will take...

Exxon Reduces Security.(Exxon Mobil Corp.)(Brief Article)
July 7, 2004... Exxon Mobil restored the largest US refinery to normal security levels Tuesday after tightening anti-terrorism precautions over the Independence Day weekend. Beginning on Friday, non-employees weren't allowed on the grounds of Exxon...

FTC Probing Bakersfield Refinery Closure.(Federal Trade Commission)(Shell California Production Inc.)
July 8, 2004... WASHINGTON -- The Federal Trade Commission (FTC) revealed Wednesday that it is formally investigating the planned shut down of Shell's refinery in Bakersfield, California, to determine whether the company is guilty of antitrust violations....

Coast Guard Closes Louisiana Fuel Facilities.(natural gas liquids and petroleum product handling facilities)
July 8, 2004... HOUSTON -- The Coast Guard closed two natural gas liquids (NGL) and petroleum product handling facilities in Geismar, Louisiana, Wednesday for failing to meet new maritime and port security regulations. Coast Guard officials in Washington,...

FTC Reinstates Antitrust Charges Against Unocal Over Gasoline.(Federal Trade Commission )
July 8, 2004... WASHINGTON -- The Federal Trade Commission on Wednesday reinstated antitrust charges against Unocal, saying the company deceived California state regulators and illegally gained monopoly power to produce clean-burning gasoline. The 5-0...

Futures Slide on Naimi's Comments, Resumed Iraqi Exports.(Ali Naimi)(Brief Article)
July 8, 2004... WASHINGTON -- A day after crude futures rallied to hit their highest mark in a month, prices came off 57cents per barrel following the resumption as Iraqi oil shipments through a recently damaged pipeline as well as remarks from Saudi oil...

Giffen Claims Intelligence Role as Corruption Trial Approaches.(James Giffen)
July 8, 2004... LONDON -- James Giffen, the head of New-York based consultancy Mercator and an advisor to the Kazakh government on major upstream oil deals throughout the 1990s, is beefing up his defense as he prepares to stand trial in a US federal court on...

Ex-Enron Chief Lay Indicted by Feds, Surrender Expected Today.(Federal officials)
July 8, 2004... HOUSTON -- Kenneth Lay's day in court is at hand. Federal officials indicted the long-time former chairman and chief executive of bankrupt energy merchant Enron on Wednesday, and he is expected to turn himself in today, when the charges...

Accord Sets New Standard to Curb Global Gas Flaring.(Clean Air Strategic Alliance)
July 8, 2004... HOUSTON -- Efforts to extinguish natural gas flares that still light up the night in many parts of the world began more than half a century ago in Texas, but much remains to be done before the last fire goes out. The process of halting...

Iraqi Exports Get Back to Normal After Latest Disruption From Pipeline Attack.(Brief Article)
July 8, 2004... LONDON -- Iraq has resumed southern crude oil exports at a rate of over 1.7 million barrels per day, similar to the levels that prevailed before the latest sabotage attack, oil shipping agents said. One shipping agent said loadings at the...

Yukos Keeps Pumping as Authorities Move to Seize Assets.(YUKOS Oil Co.)
July 8, 2004... MOSCOW -- The crisis over Russian major Yukos approached a climax Wednesday as court bailiffs accompanied by police started to search offices where a register of Yukos' assets and shareholders is kept. The move marked the first execution of...

Daily Oil & Gas Price Review.(Illustration)
July 8, 2004... Daily Oil & Gas Price Review Prices for Wednesday, July 7, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum)(Illustration)
July 8, 2004... Stock Market Scorecard Close 1-Day. % Chg. Jul 07 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Amerada Hess 81.93 +2.07 ...

El Paso Closes Plant Sales.(El Paso Merchant Energy)(Brief Article)
July 8, 2004... Officials with El Paso Merchant Energy said Wednesday it has closed the sale of four US-based power plants to Northern Star Generation for about $226 million and the assumption of about $39 million in consolidated debt. Wednesday's...

Diamond Hurt by Rig Woes.(Diamond Offshore Drilling)(Brief Article)
July 8, 2004... Diamond Offshore Drilling, a leading deepwater oil and gas driller, said on Tuesday that a series of problems on its Ocean Alliance semi-submersible drilling rig would reduce second-quarter revenue by $9.3 million. According to a Reuters...

Horizon Lowers '04 Guidance.(Horizon Offshore)(Brief Article)
July 8, 2004... Horizon Offshore announced Wednesday that it is reducing its expected 2004 earnings to between $25 million and $35 million from original guidance of $40 million to $50 million, due in large part to adverse Gulf of Mexico weather and a fire on...

Marathon Sees Lower Q2.(Marathon Oil Co.)(Brief Article)
July 8, 2004... Marathon Oil said Wednesday that it expects second-quarter output to average 341,000 boe/d, down slightly from previous guidance of 348,000 boe/d. For the full year, Houston-based Marathon estimates output will average 360,000 boe/d, off...