The Oil Daily articles from March 2004

The Oil Daily archives from March 2004

Tillerson Seen as Next CEO at Exxon Mobil.
March 1, 2004... WASHINGTON -- Analysts say Exxon Mobil's promotion of upstream chief Rex Tillerson to the position of company president is a clear sign that Tillerson will succeed Lee Raymond as chief executive, perhaps within a year or two. Tillerson,...

Marathon Expects First LNG Cargo This Month.(Marathon Oil, Liquified Natural Gas)
March 1, 2004... HOUSTON -- Add Marathon Oil to the list of active North American players in the fast-growing liquefied natural gas (LNG) sector. Marathon expects its first cargo of 2.8 billion cubic feet of imported LNG to arrive at El Paso's Elba Island,...

Newfield Says North Sea Wannabes Need Lots of Patience.
March 1, 2004... HOUSTON -- North American independents seeking to enter the UK North Sea will need lots of patience to establish a position without overpaying to acquire assets, according to Newfield Exploration, which launched its own entry campaign two years...

Collision, Rollover and Open Arbitrage Cause Hefty Volatility in US Domestic Spot Grades.
March 1, 2004... NEW YORK -- US domestic crudes had a bumpy ride last week with differentials versus benchmark West Texas Intermediate (WTI) jumping as much as a dollar or more in sweet and sour crudes alike on a series of events ranging from a vessel collision...

US Crude Futures End Near Post-War Highs After Explosive Gasoline Expiration.
March 1, 2004... WASHINGTON -- Crude futures jumped to near-post-Iraq war highs on Friday as brisk short-covering ahead of the expiration of the March gasoline futures pushed that contract to its highest settlement ever amid anxiety over inventories ahead of...

St. Mary Presses Ahead with Hanging Woman Coalbed Gas Project.
March 1, 2004... HOUSTON -- St. Mary Land & Exploration is pressing ahead with the development of its Hanging Woman Basin coalbed methane project and is close to finalizing a deal with a third party to build and operate a gas gathering system. The...

Natural Gas Market Softens on Weather; Price Outlook Debated.
March 1, 2004... WASHINGTON -- Gas markets appear soft through the last month of the North American heating season, particularly with widespread warm weather anticipated through early March. But there is substantial debate about pricing levels through the...

Canadian Gas Storage.(Brief Article)(Illustration)
March 1, 2004... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities fell 21.7 Bcf to 154.8 Bcf for the week ended Feb. 20. Storage caverns are 31.4% full, down from 35.8% full a week ago, but up from 23.8% full a year ago....

Baker Hughes Drilling Report.(Brief Article)(Illustration)
March 1, 2004... US Rig Count Up 20 The number of rigs searching for oil and gas in the US rose by 20 to 1,134 last week, oil services firm Baker Hughes said on Friday. During the same week last year, there were 912. The number of rigs searching for...

Daily Oil & Gas Price Review.(Illustration)
March 1, 2004... Daily Oil & Gas Price Review Prices for Friday, February 27, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Illustration)
March 1, 2004... Stock Market Scorecard Close 1-Day. % Chg. Feb 27 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Amerada Hess 64.35 +2.03 ...

Pride Posts Q4 Loss.(Brief Article)
March 1, 2004... Energy services firm Pride International said on Friday it posted a fourth-quarter net loss versus a year-ago profit as it shouldered hefty charges and faced construction problems with four deepwater platform rigs. It reported a quarterly...

Caltex Australia Issues Results.(Chevron Texaco)(Brief Article)
March 1, 2004... ChevronTexaco affiliate Caltex Australia has reported an after-tax profit of A$197.5 million (US$152 million) in 2003, down from A$215.2 million (US$165 million) in 2002. However, its operating profit excluding special items, including the...

Exxon Works on Angola Field.(Brief Article)
March 1, 2004... Exxon Mobil's plan to start pumping oil in Angola's potentially lucrative Kizomba A field by the third quarter is on track, with a Floating Production, Storage and Offloading (FPSO) slated to arrive in May, industry sources said on Friday. ...

China OKs Burlington Project.(Brief Article)
March 1, 2004... Burlington Resources said China has approved its plans to develop the Bajiaochang gas field, kicking off what it hopes will be the first phase of a major onshore gas development program in the world's most populous nation. The Bajiaochang...

Calvalley Makes Yemen Find.(Brief Article)
March 1, 2004... Canada-based Calvalley Petroleum reported last week initial results on its exploration in Yemen. In a statement, Calvalley said it made a "significant oil discovery in Yemen" and added that three sand layers were encountered bearing oil at...

Iraq Pipeline Sabotaged.(Brief Article)
March 1, 2004... An Iraqi oil pipeline running between two refineries was on fire on Friday after coming under attack north of Baghdad, an official said. "We have dispatched crews to put out the fire and assess the damage," an oil official told Reuters. ...

New Rule for Refineries.(Brief Article)
March 1, 2004... The Environmental Protection Agency (EPA) on Friday announced new rules to upgrade emissions control technologies for boilers and process heaters used in refineries and chemical facilities. The new Maximum Achievable Control Technologies...

Unocal Sells Sarulla Project.(Brief Article)
March 1, 2004... Unocal on Friday said that its Unocal North Sumatra Geothermal subsidiary (UNSG) has received $60 million from PLN, the Indonesia state electricity company, for the transfer of Unocal's rights and interests in the Sarulla geothermal project....

Calpine Closes $40.5M Deal.(Brief Article)
March 1, 2004... Calpine Natural Gas Trust announced Thursday that it has closed he acquisition of natural gas properties from a wholly owned subsidiary of Calpine for a gross consideration of $40.5 million, effective Jan. 1. Proved plus probably reserves...

Oneok Buys Conoco Stake.(Brief Article)
March 1, 2004... Tulsa-based Oneok is buying ConocoPhillips' 22.5% interest Gulf Coast Fractionators for $23 million. Gulf Coast Fractionators owns a major facility at Mont Belvieu, Texas, that separates natural gas liquids (NGL) into its various...

Valero Restarting Refinery FCC.(fluid catalytic cracking)(Brief Article)
March 1, 2004... Valero Energy is restarting a 54,000 b/d fluidic catalytic cracking (FCC) unit at its 140,000 b/d Wilmington, California, refinery, trading sources said. A spokeswoman for Valero said information on the unit's status was not immediately...

Unit Names CFO, COO.(Chief Financial officer, Chief Operating Officer, Unit)(Brief Article)
March 1, 2004... Energy company Unit on Friday said it promoted David Merrill to chief financial officer, succeeding Larry Pinkston, who has been named chief operating officer. The Tulsa, Oklahoma-based company said Merrill has also been named treasurer....

Crude Nears $37/bbl as Market Ignores Saudi Vow.
March 2, 2004... WASHINGTON -- US oil prices neared $37 per barrel on Monday, soaring to their highest levels in nearly a year as fears mounted that unrest in Venezuela would cut off exports from the key US supplier and exacerbate an already tight gasoline...

Venezuelan Oil Flows Normal After Chavez Threats to US.
March 2, 2004... WASHINGTON -- Venezuelan oil operations and export volumes were normal on Monday, a day after left-wing President Hugo Chavez threatened to cut off crude flows to the US if the Bush administration decided to intervene in the South American...

Surprise Opec Cut Boosts Big Oil Shares in February.
March 2, 2004... WASHINGTON -- Shares of leading worldwide oil and gas companies made strong gains in February, outpacing broader equity market indices on the back of robust commodity prices. After posting a 3.4% loss in January, EIG's International...

Pemex Loss Widens Despite Record Production in 2003.
March 2, 2004... NEW YORK -- Mexican state oil company Pemex reported a net loss for 2003 despite record production and a 30% rise in sales to $55.7 billion. The company lost $3.7 billion, after contributing $34 billion to the federal government. In 2002,...

North American Gas Outlook Not So Bleak, Executives Say.
March 2, 2004... CALGARY -- North America's natural gas supply outlook may not be as grim as some forecasts would indicate, but significant contributions from existing sources will be limited, according to industry executives at the Canadian Energy Research...

Congress to Focus on Oil Supply, ANWR Against Backdrop of High Prices.
March 2, 2004... WASHINGTON -- Congress is set to focus on oil supply and demand issues and drilling in the Arctic National Wildlife Refuge (ANWR) -- two perennial partisan issues -- as oil prices remain sky-high and key US supplier Venezuela faces turmoil. ...

Lukoil to Visit Iraq for Talks on Reviving West Qurna Project.
March 2, 2004... MOSCOW -- Lukoil President Vagit Alekperov is due to visit Iraq on Mar. 10 to discuss the Russian company's participation in the multibillion-dollar West Qurna oil project. Alekperov is due to arrive in Baghdad from Saudi Arabia, where he...

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

Stock Market Scorecard.(Illustration)
March 2, 2004... Stock Market Scorecard Close 1-Day. % Chg. Mar 01 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Occidental 46.43 +2.03 ...

US Startup Targets North Sea.(Brief Article)
March 2, 2004... Former Anadarko Chief Executive John Seitz and former Ocean Energy Chief Financial Officer William Transier will jointly head Endeavour International, a new exploration and production company that will focus on the UK and Norwegian sectors of...

Marathon Nixes Baja LNG Plan.(Liquified Natural Gas)(Brief Article)
March 2, 2004... Marathon Oil on Monday cancelled its plans to build a liquefied natural gas (LNG) import terminal in Tijuana, Mexico. The straw that broke the camel's back was the decision by the Baja California state government to appropriate land Marathon...

Petroleum Development Posts Q4.(Brief Article)
March 2, 2004... Petroleum Development said Friday its income for the fourth quarter was $8 million on revenue of $59.5 million, compared with income of $3 million on revenue of $37.6 million earned in the fourth quarter of 2002. Income for the year was...

ANS February Output Slips.(Alskan North S;ope)(Brief Article)
March 2, 2004... Alaskan North Slope (ANS) production dropped to just over 950,000 b/d in February from nearly 1 million b/d in January despite abnormally cold weather, which generally boosts production. Average production including about 26,000 b/d from...

FX Energy Holds Well Interest.(Brief Article)
March 2, 2004... Salt Lake City-based FX Energy Monday said that it would retain a 49% interest in the Fences I project area -- except for development in and around its recent Zaniemysl-3 discovery, where CalEnergy Gas holds 24.5% and FX holds 24.5%. This...

Iraq Oil for Debt Plan Advances.(Brief Article)
March 2, 2004... Iraq's Governing Council looks set to approve a US-backed plan to borrow $1.4 billion from international banks to help rebuild the country's oil industry, politicians familiar with the plan told Reuters on Feb. 28. Revenue from Iraqi oil...

US Gets New Advisor in Iraq.(Brief Article)
March 2, 2004... Mike Stinson took over Monday as oil adviser to the US-led Coalition Provisional Authority (CPA) in Baghdad, replacing Robert McKee, a US Army spokesman confirmed. Stinson, like McKee, is a former executive of ConocoPhillips. McKee was named to...

Pemex to Retender Two Blocks.(Brief Article)
March 2, 2004... Pemex will meet with potential contractors in Houston and Calgary this week, to get feedback on plans to reoffer two onshore blocks for multiple service contracts (MSC). The two blocks -- Ricos and Corindon-Pandura -- were spurned in the...

Petroecuador To Get Face Lift.(Brief Article)
March 2, 2004... Ecuador President Lucio Gutierrez Monday declared state oil company Petroecuador to be in a state of emergency to restructure the firm and halt widespread fuel theft. The restructuring should define the firm's role in operating or regulating...

McMoRan Wants LNG Terminal.(Brief Article)
March 2, 2004... McMoRan Exploration said on Monday its Freeport-McMoRan Energy subsidiary had filed a request to build a 1 Bcf liquefied natural gas (LNG) terminal off the Louisiana coast. The filing was made to the Coast Guard, which will review the...

Speculators Increase Net Longs.(Brief Article)
March 2, 2004... New York Mercantile Exchange (Nymex) crude oil speculators took on a fresh 4-1/2 year high net long position in the week ended Feb. 24, according to a Commodity Futures Trading Commission (CFTC) report released on Friday. Noncommercial...

Ashland Names M&A VP.(Brief Article)
March 2, 2004... Robert C. Hughes, director of corporate business development for Ashland, has been appointed vice president, mergers and acquisitions, chemicals and transportation construction. The promotion is effective immediately. Hughes will have...

US Hopes to Reconstitute Iraq Oil Company by June 30.
March 3, 2004... DUBAI -- The US-led Coalition Provisional Authority (CPA) is hoping to have a reconstituted Iraq National Oil Co. (INOC) -- the state oil company that was disbanded by former leader Saddam Hussein in the late 1980s -- in place before Jun. 30,...

Ecuador Revises Terms for Oriente Tenders.
March 3, 2004... NEW YORK -- Ecuador President Lucio Gutierrez this week camouflaged a capitulation to foreign oil companies with a massive revamp of state oil company Petroecuador. On Friday, Gutierrez fired several top officials in the state petroleum,...

Exxon Mobil-led Consortium Strikes Again in Angola's Deepwater.
March 3, 2004... LONDON -- An international consortium led by Exxon Mobil has struck oil in Angola's deepwater Block 15, marking the seventeenth find on the tract so far. The Bavuca-1 well was drilled in 1,094 meters of water to a total depth of 3,235...

Traders Fear Speculative Oil Selling on Strengthening Dollar.(Brief Article)
March 3, 2004... NEW YORK -- Nymex April crude futures gave up 20cents to close at a robust $36.60 in hectic trading on Tuesday as traders asked how much higher oil prices can go before speculators will start unwinding their massive long positions, and send...

Canada Debate Over Land Access Has Different Focus Than in US.
March 3, 2004... CALGARY -- Debates about land access focus on different issues in Canada than in the US, but the topic is still just as hot. In the US, the land access issue generally refers to government-owned lands off limits to drilling by statute or...

Penn West Considers Changing to Income Trust Structure.
March 3, 2004... HOUSTON -- Penn West Petroleum, a mid-sized Canadian independent, is mulling over the idea of converting into an income trust, a type of financial structure that eases the tax burden on the company and provides investors with steady returns....

Iraq Output Climbing, Should be Back to Normal by Handover.
March 3, 2004... DUBAI -- For the first time since the end of the Iraq war in April 2003, Iraq's oil production has hit the 2.5 million barrel per day mark and, according to the coalition forces' outgoing chief oil adviser, Robert McKee, is on course to reach 3...

PetroTimor Tries New Tack in Bid to Regain Colonial Claim.
March 3, 2004... SINGAPORE -- Having failed to get legal satisfaction in Australia, a US minnow has filed suit in Washington, DC, accusing the governments of Australia, East Timor and Indonesia -- as well as US major ConocoPhillips -- of conspiring to seize...

All Eyes on Kerr-McGee's Innovative Red Hawk Platform.
March 3, 2004... HOUSTON -- An innovative deepwater platform nearing completion in a fabrication yard near Corpus Christi, Texas, has set off a buzz of interest within the offshore oil and gas industry. The floating "cell spar" platform is being built for...

Heating Degree Days Table.(Illustration)
March 3, 2004... Heating Degree Days Week Dev Cum Dev For week of From From From February 28, 2004 Week From Year...

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

Stock Market Scorecard.(Illustration)
March 3, 2004... Stock Market Scorecard Close 1-Day. % Chg. Mar 02 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Murphy Oil 64.31 -0.45 ...

Suncor to Boost Production.(Suncor Energy Inc.)(Brief Article)
March 3, 2004... Alberta authorities have approved plans by Suncor Energy to expand its oil sands upgrading facilities in order to increase production capacity to 330,000 b/d by late 2007. The Alberta Energy and Utilities Board approval last week gives...

Marathon Restarts Brae Output.(Brief Article)
March 3, 2004... Marathon Oil said on Tuesday production had resumed at two of three North Sea platforms shutdown in a safety scare on Monday at the Brae oil and natural gas fields off Scotland. "Brae Alpha and East Brae have both restarted and are nearly...

XTO Increases Proved Reserves.(Brief Article)
March 3, 2004... XTO Energy Tuesday said that Miller and Lents, independent petroleum engineers, estimate XTO's proved oil and gas reserves at a record 4.185 Tcfe of gas, up 24% compared with 3.372 Tcfe at year-end 2002. During 2003, XTO Energy added 1.110...

Carrizo Reserves at 70.4 Bcfe.(Brief Article)
March 3, 2004... Houston-based Carrizo Oil & Gas said Tuesday that 2003 year- end proved reserves were a record 70.4 Bcfe based on reports from its third-party reserve engineers. This is an increase of 11% over the year-end 2002 proved reserves of 63.2 Bcfe....

Plains Closes Pipeline Deal.(Brief Article)
March 3, 2004... Plains All American Pipeline said Tuesday that it closed the acquisition of Shell Pipeline Company's interests in entities that own an approximate 22% interest in the Capline Pipeline System and an approximate 76% interest in the Capwood...

Baker Hughes Sells Interest.(Brief Article)
March 3, 2004... Baker Hughes said that it has completed the sale of its minority interest in Petreco International to Cooper Cameron. The sales price was approximately $36 million. The company does not believe the transaction is material to Baker Hughes'...

Regency Buys Duke Assets.(Brief Article)
March 3, 2004... Duke Energy Field Services said Tuesday it completed the $62 million sale of its West Texas assets to a Regency Gas Services affiliate. Regency Gas Services is a private, Dallas-based natural gas midstream company providing natural gas...

Enbridge Buys Oneok Assets.(Brief Article)
March 3, 2004... Palo Duro Pipeline Co., a subsidiary of Oneok, Monday closed on the sale of 400 miles of natural gas transmission and gathering pipelines and compression to an affiliate of Houston-based Enbridge Energy Partners. The sale price was...

Encore to Buy Cortez Assets.(Cortez Oil and Gas)(Brief Article)
March 3, 2004... Encore Acquisition on Tuesday said it has agreed to buy privately held Cortez Oil & Gas for $123 million in a deal that will increase its production and reserves. Fort Worth, Texas-based Encore estimates that Cortez has total proved...

Enbridge Buys Shell Assets.(Mid-Continent Liquids System)(Brief Article)
March 3, 2004... Enbridge Energy Partners Monday closed its $115 million acquisition of the Mid-Continent Liquids System from Shell Pipeline Co. and Shell Oil Products US, previously announced on Dec. 22. The price was reduced from $131 million because a third...

Fuel Price Hits 6-Month High.(Brief Article)
March 3, 2004... The national retail price for gasoline topped $1.70/gallon for the first time in six months while California's pump prices climbed further above the $2 mark, the government said on Monday. The national average cost for regular unleaded...

US Refinery Margins Rise.(Brief Article)
March 3, 2004... The average US refinery profit margin rose 15cents last week to $6.74/bbl, according to a UBS report released on Tuesday. Gulf Coast margins dropped 20cents to $5.03/bbl while margins in the Midwest fell 8cents to $6.52/bbl. East Coast...

DOE Names New Fossil Official.(Department of Energy)(Brief Article)
March 3, 2004... The Department of Energy named Mark Maddox as acting assistant secretary in the Office of Fossil Energy, replacing Carl Michael Smith. As acting assistant secretary, Maddox will be involved in several high-priority initiatives including the...

Under Pressure, Shell Fires Top Executives.
March 4, 2004... LONDON -- Weeks of investor pressure on Royal Dutch/Shell finally reaped their reward Wednesday, with the Anglo-Dutch supermajor announcing Wednesday the departure of Chairman Phil Watts and the man previously considered his most likely...

Burlington Pursues New Montana Oil Field.
March 4, 2004... HOUSTON -- Encouraged by its success in developing two oil fields in the Cedar Creek Anticline of Montana and North Dakota, Burlington Resources is looking into extending that project and pursuing another oil opportunity in northern Montana....

Is This Fall a Temporary Blip or the Start of the Big Drop?(petroleum prices)
March 4, 2004... NEW YORK -- The Nymex party of high petroleum prices was in full swing at 10.45 a.m. on Wednesday when a sudden sell-off of gasoline and heating oil futures knocked nearly 4cents off gasoline and 3cents off heating oil in less than 10 minutes,...

Traders Ponder Impact of Iraq Kirkuk Flows.
March 4, 2004... LONDON -- Traders remain wary of the potential market effect of resumed flows of Iraqi Kirkuk crude, saying that while this would clearly be bearish for rival Russian grade Urals in the main Mediterranean market, the real impact will only come...

Iraq Deploys Guards, Tribes to Safegaurd Oil Installations.
March 4, 2004... DUBAI -- As Iraq finally hits prewar oil production levels for the first time in nearly a year, more than 14,000 Iraqi guards trained and equipped by a small group of Western experts are stationed across the country guarding its hundreds of oil...

EIA Weekly Statistics.(Energy Information Administration)(Illustration)
March 4, 2004... Department of Energy Weekly Statistics For Week Ended February 27, 2004 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current Previous ...

Daily Oil & Gas Price Review.(Illustration)
March 4, 2004... Daily Oil & Gas Price Review Prices for Wednesday, March 3, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Illustration)
March 4, 2004... Stock Market Scorecard Close 1-Day. % Chg. Mar 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Royal Dutch Pet. 50.65 +1.01 ...

Alpine Field Expansion Planned.(Brief Article)
March 4, 2004... ConocoPhillips and Anadarko Petroleum on Wednesday announced plans to increase oil production capacity at the Alpine field on Alaska's North Slope to 140,000 b/d. The field, which started production in November 2000, currently is producing...

Range Reports Record Results.(Brief Article)
March 4, 2004... Range Resources said Tuesday that 2003 income totaled $35.4 million on revenue of $249.2 million. Income increased 35%, while revenue jumped up 22% for the year. During 2003, $108 million was invested in drilling related expenditures and...

Plains Resources' Q4 Slips.(Plains Resources Inc.)(Brief Article)
March 4, 2004... Plains Resources Wednesday reported income of $7 million for the fourth quarter, compared with income of $10.1 million in the year-ago quarter. Income in the fourth quarter includes non-cash pre-tax gains totaling $18 million related to...

Quicksilver Had Strong 2003.(Quicksilver Resources Inc.)(Brief Article)
March 4, 2004... Fort Worth, Texas-based Quicksilver Resources reported Wednesday fourth-quarter income of $5.8 million on revenue of $36.8 million. The company's comparative fourth-quarter 2002 income was $4.3 million on revenue of $31.8 million. Income...

Chevron Resumes Australia Output.(ChevronTexaco Corp.)(Brief Article)
March 4, 2004... ChevronTexaco said on Wednesday oil production from its Barrow Island and Thevenard Island facilities off the coast of Western Australia had resumed, with full production expected within two days. The oil fields had a joint production of...

Stratic Acquires Morocco Stake.(Stratic Energy)(Brief Article)
March 4, 2004... Canada's Stratic Energy has acquired a 36% stake in two large exploration tracts in northwest Morocco, the company said Wednesday. The adjacent onshore blocks, known as Moulay Bousselham and Mamora, straddle a 4,000 sq km area northeast of...

Teton Opens Moscow Office.(Teton Petroleum Co.)(Brief Article)
March 4, 2004... Denver-based Teton Petroleum said Wednesday that it has opened an office in Moscow to coordinate its operational and financial activities in Russia and support the acquisition of proven oil fields in the region. "The opening of our Moscow...