The Oil Daily articles from June 2005

The Oil Daily archives from June 2005

Sinopec solidifies China's pursuit of oil sands.(Northern Lights oil sands project)
June 1, 2005... SinoCanada, a subsidiary of Chinese state oil company Sinopec, announced on Tuesday that it will spend C$105 million (US$84 million) to acquire a 40% stake in the Northern Lights oil sands project in northeastern Alberta from Calgary-based...

Khodorkovsky gets nine years as trial ends.(Mikhail Khodorkovsky)
June 1, 2005... Mikhail Khodorkovsky, the core shareholder of oil major Yukos and once Russia's richest man, was sentenced Tuesday to nine years in prison. The highly anticipated announcement--coming after 12 days of arduous verdict reading by Moscow...

Iraq struggles with June schedule; term contracts due soon.
June 1, 2005... Iraq's State Oil Marketing Organization (Somo) has offered a number of customers of Basrah Light crude, scheduled to lift cargoes in June, the choice of either forfeiting their volumes or postponing liftings to July, an Iraqi oil official told...

Nymex crude inches higher for sixth straight session.(New York Mercantile Exchange crude market)(Brief Article)
June 1, 2005... Crude futures closed higher for a sixth straight trading session on Tuesday as a result of follow-through buying from last week and bullish comments by Venezuelan Minister of Energy and Petroleum Rafael Ramirez. On the New York Mercantile...

Daily oil & gas price review.
June 1, 2005... Daily Oil & Gas Price Review Prices for Tuesday, May 31, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.26 49.11 ...

First Calgary drops as investors react to Repsol joint venture talks.(Environmental Protection Agency gives more time to petroleum industry to comply with the rules)
June 1, 2005... The Environmental Protection Agency (EPA) is giving the US downstream more time to comply with its tough diesel sulfur content rule and is also allowing the sector to breach the 15 parts per million (ppm) sulfur content standard. EPA...

Cooling degree days.(petroleum industry)(Illustration)
June 1, 2005... Cooling Degree Days For the week of May 28, 2005 - Week Dev - From Week From Year Cum State/City (PADD) Total Norm...

Ceri sees 'fear premium' of $22 in crude oil prices through 2006.(Canadian Energy Research Institute)
June 1, 2005... The current price of oil is nearly $21 per barrel higher than fundamentals warrant and this fear premium is the result of geopolitical uncertainties and a lack of supply flexibility, says the Canadian Energy Research Institute (Ceri). In a...

Repsol targets improved exploration, higher dividends in new strategic plan.(Repsol Petroleo S.A.)
June 1, 2005... Spain's Repsol YPF is aiming to increase its payout to shareholders and tackle its poor exploration record, the company said Tuesday as its new management team unveiled its strategic plan for 2005-09. Under the plan, capital expenditures are...

Diamond adds Gulf contract.(Diamond Offshore Drilling Inc.)(Brief Article)
June 1, 2005... Houston-based Diamond Offshore added another multi-million contract to a $1.2 billion list it announced last week after signing one-year deal for one of its rigs for a project in the Gulf of Mexico. Diamond Offshore President and Chief...

First Calgary shares drop as investors react to Repsol joint venture talks.(First Calgary Petroleum Ltd.)
June 1, 2005... Canadian independent First Calgary Petroleums, which is actively exploring for oil and gas in Algeria, saw its share price fall 11.6% last week--the biggest single decline among energy stocks tracked by consultancy John S. Herold in the period....

Nymex hires J.P. Morgan chase to consider Blackstone bid.(New York Mercantile Exchange)
June 1, 2005... The New York Mercantile Exchange (Nymex) has reportedly hired investment bank J.P. Morgan Chase to advise on a bid by two private equity groups to purchase a 20% stake in the world's largest energy marketplace. Both Nymex and J.P. Morgan...

Sincor partners owe $1b.($1 billion in royalties)(Brief Article)
June 1, 2005... The Sincor foreign-financed extra heavy oil project owes the Venezuelan government around $1 billion in royalties for hiking output above agreed levels, Energy Minister Rafael Ramirez said on Tuesday. As part of a wider review of revenues...

Abraxas wells come on line.(Exploration & Production)(Abraxas Petroleum Corp.)(Brief Article)
June 1, 2005... San Antonio-based Abraxas Petroleum said Tuesday that two of its South Texas wells have come on line and started production. According to Abraxas, the two wells were drilled to a total depth of 15,500 feet, including horizontal laterals of...

Harken signs Colombia deal.(Harken Energy Corp.)
June 1, 2005... Dallas-based Harken Energy said Tuesday said that its subsidiary, Global Energy Development, has signed an agreement with the Colombian government to evaluate about 3,300 square miles in the Valle Lunar region of the country's Llanos Basin for...

Colombia to open Llanos bids.(planning of Empresa Colombiana de Petroleos S.A )(Brief Article)
June 1, 2005... Colombia's state oil company Ecopetrol plans to open a tender on Jun. 15 for a $700 million heavy crude upgrading project in the Llanos Basin. The tender will cover the Castilla, Chichimene, Cano Sur, Macarenas and Agila blocks. The...

Andersen verdict overturned.(Arthur Andersen L.L.P)(Brief Article)
June 1, 2005... The US Supreme Court on Tuesday overturned the conviction of onetime accounting giant Arthur Andersen for destroying Enron-related documents because of flawed jury instructions. In a defeat for the Justice Department, the unanimous high...

Stock market scorecard.(NEWS ALERT)(Illustration)
June 1, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 31-May Chg. % Chg. Kerr-McGee 73.86 +0.53 +0.72% ConocoPhillips 107.84 +0.29 +0.27 Occidental 73.11 -0.41...

Bush sees no price fixing.(Litigation)(Brief Article)
June 1, 2005... The Bush administration on Tuesday filed a brief with the Supreme Court supporting Shell Oil Co. and Texaco in alleged price fixing cases stemming from their joint ventures, arguing that a lower court erred in holding the companies liable under...

Enterra acquires high point.(Mergers & Acquisitions)
June 1, 2005... Calgary-based Enterra Energy Trust is buying oil and gas producer High Point Resources in a stock swap deal worth about US$250 million. Enterra is assuming $67 million of High Point debt, and High Point shareholders will receive 0.105 of a...

El Paso sells tech center.(Mergers & Acquisitions)(Brief Article)
June 1, 2005... Pipeline operator El Paso on Tuesday said it sold its data center and network distribution site in Chicago to Digital Realty Trust as part of its plan to sell assets and slash debt. The company said it received $140 million in cash and...

Oxy to sell Premcor stake.(Mergers & Acquisitions)(Occidental Petroleum)(Brief Article)
June 1, 2005... Occidental Petroleum said it currently intends to dispose of its 10.13% stake in US independent refiner Premcor either on the open market or under the acquisition deal between Valero and Premcor, according to a document Oxy filed Tuesday with...

California sets firm emissions targets.
June 2, 2005... As a meeting between President Bush and British Prime Minister Tony Blair next week is set to put the focus on climate change, California Governor Arnold Schwarzenegger on Wednesday took the limelight by setting firm targets for reducing...

Heating oil rally drives crude past $54.
June 2, 2005... Crude futures on the New York Mercantile Exchange (Nymex) gained more than $2 per barrel on Wednesday, buoyed by a strong diesel market, refinery glitches and technical support. The market rallied early and did not look back the entire day,...

Aramco's Khurais project in motion; water injection plan debated.(Saudi Arabia Petroleum Corp.)
June 2, 2005... Development of Saudi Arabia's Khurais field continues, with US engineering firm Foster Wheeler winning the project management contract for the giant onshore field, sources told Oil Daily. Foster Wheeler's contract involves developing a...

Mixed month for oil stocks as crude bounces back above $50.
June 2, 2005... Oil shares posted a mixed performance in May as crude oil prices initially extended their slide from early-April highs of over $58 per barrel before bouncing back to end the month little changed in the low $50s. After seeming to be headed for a...

Daily oil & gas price review.(Illustration)
June 2, 2005... Daily Oil & Gas Price Review Prices for Friday, June 1, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +2.09 51.20 49.00...

Suncor adds second refinery near Denver in deal with Valero.(Suncor Energy Inc.)
June 2, 2005... Calgary-based Suncor is strengthening its Colorado refining operations by acquiring a second refinery near Commerce City, just outside Denver. Suncor said Wednesday that it is paying US$30 million to acquire the Colorado Refining Co., a...

Stagnating output, tax hike take major toll on Russian crude oil exports.
June 2, 2005... Russia's stagnating crude production and a massive tax increase are taking their toll on the country's exports, as Moscow pencils in a June port loading program implying a 129,000 barrel per day drop from May. Planned seaborne crude...

Private fund to help small firms in Colombia.
June 2, 2005... Colombia plans to launch a new fund to help finance exploration and production investment by small companies, which are expected to play a vital role in reviving the country's faltering oil production. The $100 million private equity fund...

Statoil halts Deltana drilling.(Top Briefs)(Brief Article)
June 2, 2005... Norway's Statoil said Wednesday it temporarily suspended operations at Block 4 of the Deltana Platform offshore gas development in Venezuela. The company also denied accusations by the government of Venezuela that it exceeded agreed upon...

Quicksilver stock splits.(Corporate News)(Brief Article)
June 2, 2005... Fort Worth, Texas-based independent oil and gas producer Quicksilver Resources, said on Wednesday its board of directors authorized a three-for-two stock split in the form of a dividend. The dividend will be paid on Jun. 30 to shareholders...

Ashland starts debt buyback.(Corporate News)(Brief Article)
June 2, 2005... Chemicals and refining company Ashland on Wednesday said it started cash tender offers to buy back $1.15 billion of notes and debentures. The notes and debentures have maturities ranging from 2005 to 2025, the company said.

Todco gets rig contract.(International)(Angola Drilling Co.)(Brief Article)
June 2, 2005... San Francisco-based Todco announced Wednesday it has signed a two-year, $52 million contract for one of its drilling rigs with Angola Drilling Co. The drilling rig THE-185 is expected to begin operations in mid-August for Angola Drilling,...

Stock market scorecard.(NEWS ALERT)(Illustration)
June 2, 2005... Stock Marker Scorecard Integrated Close 1-Day Majors 6/1 Chg. % Chg. Amerada Hess 95.43 +2.58 +2.78% Occidental 74.81 +1.70 +2.33 Marathon 49.61 +1.12...

PGN seeks Hess natural gas.(International)(P.T. Perusahaan Gas Negara)(Brief Article)
June 2, 2005... Indonesia's gas distribution company, PT Perusahaan Gas Negara (PGN), is seeking natural gas supply from Amerada Hess, officials of the Jakarta-based firm said on Wednesday. "We have talked with Amerada on possible gas supply from its...

Conoco to finalize Siberia plan.(International)
June 2, 2005... ConocoPhillips and Russian partner Lukoil will by the end of June finalize a $500 million joint venture to develop a Siberian oil province with over 1 billion bbl in reserves, Conoco's Russia manager said on Wednesday. David Bairrington...

Argentina faces gas shortage.(International)
June 2, 2005... Standard & Poor's on Wednesday said Argentina is likely to face gas shortages this winter affecting different types of customers, as demand grows faster than supply. According to a report entitled "Natural Gas Supply: The Challenges Ahead...

El Paso probed on hedges.(Legislation/Regulation)(Brief Article)
June 2, 2005... El Paso said in a regulatory filing that it received a subpoena from the US Securities and Exchange Commission (SEC) related to some of its natural gas and oil production hedges. The subpoena follows an informal inquiry started by the SEC...

Pioneer closes Canada sale.(Mergers & Acquisitions)(Pioneer Natural Resources Co.)(Brief Article)
June 2, 2005... Dallas-based independent Pioneer Natural Resources said Wednesday that it has completed the sale of its Martin Creek, Conroy Black and Lookout Butte oil and gas properties to Ketch Resources for approximately $199 million (OD Apr.29,p10). ...

TAPS worth $3 billion.(Pipelines)(Brief Article)
June 2, 2005... The Trans Alaska Pipeline System is now worth $3 billion, considerably less than when it began shipping crude oil in 1977 but enough to generate $60 million in local and state property taxes this year, the state Department of Revenue said on...

US refining margins drop 15%.(Refining)(Brief Article)
June 2, 2005... US refining margins fell sharply last week, dropping $1.65 to $9.28/bbl. But margins for the second quarter to date are still $1.38 above year-ago levels, according to analysts at A.G. Edwards. Margins fell most sharply on the West Coast, where...

Valero reports refinery problem.(Refining)(Brief Article)
June 2, 2005... Independent refiner Valero said a blower malfunction resulted in flaring at a fluid catalytic cracker at its 96,000 b/d refinery in Three Rivers, Texas, according to a filing with state regulators on Wednesday. According to a filing with...

Repsol halts outlays as Bolivia unravels.
June 3, 2005... Spain's Repsol YPF said on Thursday it would suspend significant investment in Bolivia, where unrelenting popular protests demanding the nationalization of the country's energy reserves have virtually paralyzed the country for the past ten...

Wall Street secure about Valero-Premcor deal.
June 3, 2005... Despite high retail gasoline prices and a possible fight from Democrats in Congress, sources are becoming more confident that Valero's plan to buy rival refiner Premcor will ultimately be approved by the Federal Trade Commission (FTC) without...

Repsol YPF to join Peru LNG project.(liquified natural gas)
June 3, 2005... In a bid to boost to its Latin American natural gas supply, Spanish Repsol YPF has signed an agreement with Dallas-based Hunt Oil and South Korea's SK Corp. to participate in the construction of a liquefied natural gas (LNG) terminal in Peru....

Crude drops on rising stocks, but heating oil stays firm.
June 3, 2005... Heating oil remained the star of the energy futures market on Thursday after crude and gasoline suffered losses on rising inventories. "Definitely heating oil is the strongest compared to the others," said one trader on the floor of the New...

Daily oil & gas price review.(Illustration)
June 3, 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) -0.38 50.82 ...

EIA weekly statistics.(Illustration)
June 3, 2005... EIA Weekly Statistics For Week Ended May 27, 2005 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 15.9 15.2 4.6%...

Florida utility sends message by halting LNG supply efforts.(liquefied natural gas)
June 3, 2005... Efforts to develop a market for liquefied natural gas (LNG) in Florida took another strange twist earlier this week when Florida Power & Light (FP&L) said it has discontinued its request for proposals (RFP) for long-term supplies of regasified...

Penn West probes use of carbon dioxide floods in venerable field.
June 3, 2005... Canadian producer Penn West is evaluating the use of enhanced recovery technology that could eventually lead to production of hundreds of millions of additional barrels from the venerable Pembina Cardium light oil pool in central Alberta. Penn...

US firms fare well in Nigeria, Sao Tome tender.
June 3, 2005... Nigeria and Sao Tome and Principe have officially announced the winners of leases on five offshore oil blocks in their second joint licensing round following emergency talks in Abuja earlier this week. The Nigeria-Sao Tome Joint Ministerial...

EPA rejects states' waiver.(Top Briefs)(Brief Article)
June 3, 2005... The Environmental Protection Agency said on Thursday it would deny separate requests from California, New York and Connecticut for temporary waivers from cleaner-burning gasoline standards. The three states had asked the EPA for temporary...

Gas in storage rises 86 Bcf.(EIA Gas Storage Report)(Brief Article)
June 3, 2005... Stocks of working natural gas in US storage facilities rose 86 Bcf for the week ended May 27, leaving storage levels at 1,778 Bcf, according to the Energy Information Administration (EIA). Stocks are 226 Bcf higher than last year at this...

CPC oil exports fall in May.(International)
June 3, 2005... The Chevron-led Caspian Pipeline Consortium (CPC), pumping oil from Kazakhstan and Russia to the Black Sea, said on Thursday its exports fell in May by 40,000 b/d from an all-time high reached in April. The group said in a statement its...

Stock market scorecard.(NEWS ALERT)(Illustration)
June 3, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 6/2 Chg. % Chg. Royal Dutch Pet. 59.50 +1.12 +1.92% Amerada Hess 96.88 +1.45 +1.52 Statoil 18.22 ...

FCP touts Algeria well.(International)(First Calgary Petroleum Ltd.)(Brief Article)
June 3, 2005... Canadian independent First Calgary Petroleums announced Thursday that its ZCHW-1 well, drilled about 6 miles southwest of the company's joint discovery with Sonatrach at ZCH-1, has been "cased as a potential oil and gas well." While the...

Sunrise deal May unravel.(International)(Brief Article)
June 3, 2005... East Timor said on Thursday an agreement with Australia over revenue from a major gas field in seas between the two countries could unravel because of a dispute over the location of a gas processing plant. East Timor's Foreign Minister...

Gulf Maya discount widens.(Latin America)(Petroleos Mexicanos)(Brief Article)
June 3, 2005... Mexican state oil company Pemex widened its July discount on exports of Maya crude to the US Gulf Coast by 40 cents from June. The Mexican prices remain competitive with similar heavy crudes such as Ecuador's Napo blend. "For months, Maya...

Superior Energy sells liftboats.(Offshore)(Hercules Offshore LLC)(Brief Article)
June 3, 2005... Louisiana-based Superior Energy Services announced Thursday it is selling a large portion of its rental liftboat fleet to Hercules Offshore in a deal valued at $20 million. Superior Energy Chief Executive Terry Hall said the deal includes all...

Port closed after tug sinks.(Offshore)(Brief Article)
June 3, 2005... The Port of Iberia in coastal Iberia Parish, Louisiana, and one of the key ports used by the Gulf of Mexico service support industry, will remain closed to marine traffic through the weekend after a 92-foot tug sank Wednesday night near a fuel...

BP plans cat cracker restart.(Refining)(British Petroleum Company PLC)(Brief Article)
June 3, 2005... BP plans to restart a gasoline-producing fluidic catalytic cracking unit at its 460,000 b/d Texas City, Texas, refinery on Thursday morning, according to a notice filed with the Texas environmental regulatory agency. FCC No. 2 was shut due...

Execs shuffled at Conoco.(Personnel)(ConocoPhillips )(Brief Article)
June 3, 2005... ConocoPhillips announced several major personnel changes in its Asia-Pacific and Americas operations on Thursday. According to a company news release, Houston-based Willie Chiang, current chief of strategy for the company's refining and...

Exxon puts focus in Golden Pass LNG plan.
June 6, 2005... Exxon Mobil at one time was promoting as many as four different Gulf Coast and Gulf Mexico sites as potential locations for liquefied natural gas (LNG) receiving terminals, but its activities now appear to be centered on only one. Golden...

Mexico to consider Pemex tax reform.
June 6, 2005... Mexico's lower legislative house is set to discuss tax changes recently passed by the Senate, which, if approved, would free billions of dollars for state oil company Pemex that it could use to finance much-needed exploration and production...

Soaring US natural gas market could see little relief ahead.
June 6, 2005... Bulls came out of the woodwork last week, sending gas futures prices flying high amid a steady stream of buying throughout the energy complex. Based on the strength seen at the end of last week, coupled with forecasts for $60 per barrel crude...

Worries over heating oil, diesel supplies lift New York crude.
June 6, 2005... The US distillates market remained robust last week, with heating oil futures rallying for the fourth straight day Friday on early worries about supply this winter and strong demand for transportation fuels this summer. Crude and gasoline...

Daily oil & gas price review.(Illustration)
June 6, 2005... Daily Oil & Gas Price Review Prices for Friday, June 3, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.61 52.43 50.48...

Sweets, sours gain ground on WTI in spot market despite volatile futures prices.(West Texas Intermediate)
June 6, 2005... The US physical market was volatile last week because of the rapid price swings in US benchmark West Texas Intermediate (WTI). Sweets and sours were able to gain ground against WTI even though New York Mercantile Exchange (Nymex) futures prices...

US rig count rises by 22.(Baker Hughes Drilling Report)(Brief Article)
June 6, 2005... The number of rigs searching for oil and gas in the US rose by 22 to 1,353 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,168 rigs in operation. The number of rigs searching for oil in...

Harvest withdraws forecasts.(Corporate News)(Brief Article)
June 6, 2005... Independent US oil and gas producer Harvest Natural Resources on Friday said it was withdrawing financial forecasts for the year, citing the extended suspension of its drilling program in Venezuela. The Houston company also said it has yet...

Canadian gas storage.(NEWS ALERT)(Brief Article)
June 6, 2005... Enerdata reported that the amount of natural gas in Canadian storage facilities rose 14.1 Bcf to 232.5 Bcf for the week ended May 27. Storage caverns are 48.1% full, up from 45.2% the previous week, and up from 47.5% from a year ago (Bcf)...

Calvalley confirms C plans.(International)(Brief Article)
June 6, 2005... Calgary-based independent oil and gas producer Calvalley said that it has discovered commercial quantities of oil at its Hiswah, Al Roidhat, Auqban and Qam Qaymah wells on Block 9 of its Yemen concession, and has asked the Yemeni government for...

Record output for Petrobras.(Latin America)
June 6, 2005... Brazilian state oil company Petrobras said growing production at mature and offshore fields led to record monthly domestic production of 1.73 million b/d in May, an increase of more than 20% over the 1.43 million b/d produced in May 2004. ...

Ecuador output dips in April.(Latin America)(Brief Article)
June 6, 2005... Sliding further away from its annual production target, Ecuador's average oil output fell 1% to just under 523,000 b/d in April from 529,000 b/d in March. In April of 2004, Ecuador produced 533,000. State owned Petroecuador produced...

Opec to verify Venezuela output.(Latin America)(Organization of the Petroleum Exporting Countries)(Brief Article)
June 6, 2005... An Opec delegation will visit Venezuela later this month to verify the country's crude output volumes and dispel claims by international organizations that the country's actual output is less than the 3.26 million b/d the government says it is...

Stock market scorecard.(NEWS ALERT)(Illustration)
June 6, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 3-Jun Chg. % Chg. Murphy Oil 100.15 +1.29 +1.30% Occidental 75.42 +0.70 +0.94 Marathon 49.99 +0.43...

Calpine gas-fired plant up.(Natural Gas)(Brief Article)
June 6, 2005... Calpine announced Friday the startup of another natural gas-fired power plant in San Jose that will serve northern California, despite plans to sell up to eight of its plants to bolster its balance sheet and possibly mothball others until the...

Oceaneering to add ROVs.(Offshore)(remotely operated vehicles )(Brief Article)
June 6, 2005... Houston-based Oceaneering International announced Friday it was adding 12 underwater robots to its fleet at a cost of about $20 million. Oceaneering Chief Executive John Huff said the company had 167 remotely operated vehicles (ROV) in its...

Speculators raise net shorts.(Oil & Gas Markets)(Brief Article)
June 6, 2005... Crude oil speculators on the New York Mercantile Exchange expanded their net short positions in the week ended May 31 in a bet prices would fall, the Commodity Futures Trading Commission (CFTC) said Friday. The increase in bearish sentiment...

Sempra bails on Alaska pipe.(Pipelines)(Brief Article)
June 6, 2005... Citing delays and political disputes, a spokesman for Sempra Energy said on Thursday the company will no longer participate in a project aiming to build a natural gas pipeline that would parallel the 28-year-old trans-Alaska oil pipeline. "The...

Shell ready for sulfur specs.(Refining)(Brief Article)
June 6, 2005... Shell Canada, an affiliate of supermajor Royal Dutch/Shell, said on Friday it is on track to produce ultra low-sulfur diesel fuel at two of its refineries before new Canadian regulations come into force next year. Construction under a...

New Somo head mulls Iraqi export volumes.(State Oil Marketing Organization)(Mussab al-Dujayli)
June 7, 2005... Iraq's Oil Minister Ibrahim Bahr al-Uloum on Monday appointed Mussab al-Dujayli, a veteran of State Oil Marketing Organization (Somo), as the sales company's new head. Soon after assuming his new post, al-Dujayli told Oil Daily that he is...

Weatherford acquires precision units.
June 7, 2005... US oil services firm Weatherford International snapped up a big piece of Precision Drilling on Monday, paying $2.3 billion in cash and stock for the Calgary-based company's international drilling and energy services divisions. Although...