The Oil Daily articles from May 2004

The Oil Daily archives from May 2004

Chevron's Output Declines Concern Wall Street.
May 3, 2004... WASHINGTON -- ChevronTexaco posted record first-quarter profits Friday that exceeded Wall Street estimates but the company still came under fire for rapidly declining oil and natural gas production volumes. Chevron reported first quarter...

Majors Probe Gulf of Mexico Ultra-Deep Shelf Play.
May 3, 2004... HOUSTON -- Maybe it's too early to write off the shallow waters of the Gulf of Mexico as a fertile basin for oil and natural gas exploration. Despite talk of the majors abandoning the Gulf of Mexico shelf to concentrate on deepwater...

Senate May Consider $13 Billion in Energy Tax Incentives.
May 3, 2004... WASHINGTON -- In yet another attempt to address energy, the Senate this week is likely to consider $13 billion in tax benefits to boost domestic energy production -- a measure that has substantial support in Congress. On the Senate agenda...

Gasoline Fears and Expiration Keep Crude Oil Well Above $37.
May 3, 2004... NEW YORK -- Renewed fears that US refinery output and product imports combined will not be able to cover summer gasoline demand supported prices of crude oil and catapulted gasoline futures to a new record on the New York Mercantile Exchange...

Domestic Oil Steady Amid Low Volumes, but Mars Continues Flirt With Contango.
May 3, 2004... NEW YORK -- Domestic US sweet and sour differentials were steady to slightly stronger last week on relatively low trading volumes, but the market's undertone remains relatively weak as plenty of imported sour crude is available, traders said...

Was Hubbert Right About Oil Decline?(Hubbert, M. King, geoscientist)
May 3, 2004... HOUSTON -- Thursday traditionally has been wind-down day at the Offshore Technology Conference, but this year, the technical program for the conference's final morning addresses one of the hottest and most controversial issues the industry...

Despite Discoveries, Gulf of Mexico Oil Output Nears its Peak.
May 3, 2004... HOUSTON -- Assuming BP's billion-barrel Thunder Horse field comes on stream as scheduled next year, oil production from the Gulf of Mexico should hit the 2 million barrel per day mark, thus matching Alaska's peak output which occurred in 1988....

New OTC Award For Innovation Shines Light on Service Firms.(Offshore Technology Conference)
May 3, 2004... HOUSTON -- This year's Offshore Technology Conference (OTC) in Houston from May 3 to 6 will shine a spotlight on 15 innovative gadgets and gizmos that are helping companies to extract hydrocarbons more efficiently from deep beneath the ocean...

Jack-Up Rig Movements to Lift Drilling Dayrates Worldwide.
May 3, 2004... HOUSTON -- Tidewater's decision last month to scrap or sell 83 supply vessels in its Gulf of Mexico fleet signals that drilling conditions in the US Gulf are not likely to improve anytime soon. In announcing plans to restructure its fleet,...

Canada's Precision Drilling Reports Record Quarter; Eyes Mideast.
May 3, 2004... HOUSTON -- Rig contractor Precision Drilling has long been known for its dominant position in Western Canada's drilling market. But with the Calgary-based company's plate already full in Canada, Precision is betting that its purchase of...

Anadarko Fights Rising Service Costs by Drilling Faster.(Anadarko Petroleum Corp. )
May 3, 2004... HOUSTON -- Anadarko Petroleum says it is facing rising costs for services and equipment in North America but has been able to offset the cost creep by drilling wells more efficiently. Vice President for US Onshore and Offshore Mark Pease...

TransCanada, Enbridge Take Lead in Alaskan Pipeline Venture.(TransCanada PipeLines Ltd.)
May 3, 2004... HOUSTON -- Alaska's North Slope and its 35 trillion cubic feet of stranded natural gas may lie in US territory, but the pipeline that eventually will carry those molecules to markets in the US lower-48 states could well be owned by two Canadian...

Trading Jitters Push Natural Gas Higher For May on the Nymex.(New York Mercantile Exchange)
May 3, 2004... WASHINGTON -- End-users will be paying up for baseload natural gas this month thanks to a three-day, 36cents rally toward $6/MMBtu as the May front-month contract rolled off the board last week on the New York Mercantile Exchange. Higher...

Canadian Gas Storage.(Brief Article)
May 3, 2004... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 16.6 Bcf to 160.5 Bcf for the week ended Apr. 23. Storage caverns are 32.3% full, up from 29.0% last week and 19.1% a year ago. (Bcf) ...

Baker Hughes.(demand of oil drilling rigs)(Brief Article)
May 3, 2004... US Rig Count Jumps by 15 The number of rigs searching for oil and gas in the US rose by 15 to 1,161 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,001. The number of rigs searching...

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

Stock Market Scorecard.(petroleum industry)(Illustration)
May 3, 2004... Stock Market Scorecard Close 1-Day. % Chg. Apr 30 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Murphy Oil 68.50 +2.01 ...

St. Mary Down on Prices.(St. Mary Land and Exploration Co.)(Brief Article)
May 3, 2004... Colorado-based St. Mary Land & Exploration announced Friday that first quarter net income fell 21% to $21.5 million from $27.4 million a year ago following a roughly 3% fall in revenue to $97 million. Even though St. Mary realized a 10%...

Iraqi Exports Holding Up.(Brief Article)
May 3, 2004... Competing with record postwar levels in March, and despite failed attacks on its Mideast Gulf export facilities, Iraq exported an estimated 2 million b/d in April, according to Energy Intelligence calculations based on tanker loadings. The...

TransCanada Nears Pipeline Deal.(TransCanada PipeLines Ltd.)(Brief Article)
May 3, 2004... Canadian pipeline company TransCanada has moved closer to acquiring a 1,350-mile, 3 Bcf/d natural gas pipeline in the US Pacific Northwest. National Energy & Gas Transmission said late Thursday it has accepted TransCanada's $1.7 billion bid...

Range Buys Unnamed Reserves.(Range Resources Corp.)(Brief Article)
May 3, 2004... Independent oil and gas producer Range Resources announced Friday that it has acquired an unnamed, privately held company owning producing oil and gas properties in the Permian Basin for $22.5 million with approximate reserves of 22 Bcfe. Oil...

Keyspan to Sell Houston Share.(Houston Exploration Co.)(Brief Article)
May 3, 2004... Brooklyn-based KeySpan will sell or spin off its remaining 55% stake in US energy producer The Houston Exploration this year, Chairman and Chief Executive Robert Catell said. KeySpan, the largest distributor of natural gas in the Northeast,...

K-M Reports Pipeline Leak.(Kinder Morgan)(Brief Article)
May 3, 2004... Pipeline operator Kinder Morgan reported Friday that its 14- inch underground pipeline between Concord, California, and Sacramento leaked about 1,500 bbl of diesel fuel into 15-20 acres of the Suisun Marsh southwest of Sacramento. The...

XTO Pays Up For Onshore US Assets From Exxon.(XTO Energy Inc.)(Exxon Mobil Corp.)
May 4, 2004... WASHINGTON -- Never shy about pulling the trigger on a major deal, XTO Energy announced Monday the acquisition of producing properties in the Permian and Powder River basins from Exxon Mobil for roughly $340 million -- an expensive deal...

Oil Well Firefighters Boots & Coots Revamps Strategy.(Boots & Coots International Well Control Inc.)
May 4, 2004... HOUSTON -- Fighting oil well fires is a highly lucrative business, but the revenue stream is equally unpredictable. Consequently, long-time well firefighting company Boots & Coots is revamping its strategy to increase revenue from regularly...

EOG Says Barnett Shale Could Have Huge Impact on Reserves.(EOG Resources Inc.)(Barnett Shale natural gas )
May 4, 2004... HOUSTON -- EOG Resources said Monday that drilling results in the Barnett Shale natural gas play in North Texas have exceeded its expectations and could ultimately add 500 billion to two trillion cubic feet of gas to its reserves. Chairman...

Nymex Futures Continue Record-Breaking Run After Saudi Attack.(gasoline supply)(Brief Article)
May 4, 2004... WASHINGTON -- US gasoline futures closed at another record- high on Monday while crude futures hit their highest settlement price in more than 13 years, as news of a fatal shooting of oil workers in Saudi Arabia and reports and rumors of US...

Big Oil Shares Outpace Broader Marker in April.(petroleum industry)
May 4, 2004... WASHINGTON -- Shares of leading worldwide oil and gas companies outperformed the broader equity market in April, powered by high oil and gas prices, robust refining margins and announcements of record first-quarter profits. EIG's...

Yukos Shares Extend Losing Streak as Lenders Warn of Default.(YUKOS Oil Co.)
May 4, 2004... WASHINGTON -- Shares of beleaguered Russian oil major Yukos continue on their downward slope, slumping nearly 11% last week after the company's bankers warned of a massive default as shareholders threatened lawsuits amid a Kremlin crackdown on...

Talisman Energy Buys First Set of Intrepid North Sea Assets.(Intrepid Energy group)
May 4, 2004... VANCOUVER -- Canada's Talisman Energy said Monday it had completed the acquisition of the Flotta Catchment Area (FCA) assets in the North Sea from UK independent Intrepid Energy group, for US$137.5 million. The deal is effective Jan. 1,...

Indies Seek New Deepwater Royalty Trigger and Help in Producer-LNG Clash.
May 4, 2004... WASHINGTON -- US independent producers are calling on Interior Secretary Gale Norton to revise existing royalty incentives and to step in and resolve conflicts of interest between offshore producers and liquefied natural gas (LNG) proponents....

Nymex Gas Futures Soar With Energy Jitters.(Brief Article)
May 4, 2004... HOUSTON -- An early session bullish trickle turned into a midday torrent in Nymex natural gas futures trading Monday as the June contract spiked up 36.9cents to close at $6.231 per million BTU. Traders said the rise to a late session high...

High Oil Prices Pose Clear Risk to Global Economy: IEA Study.
May 4, 2004... NEW YORK -- High oil prices have a clear impact on the global economy, but tend to hit poorer countries harder than wealthier ones, according to a new study released Monday by the Paris-based International Energy Agency (IEA). "Higher...

Saudi Aramco Sold on SmartWell System.(Saudi Arabian Oil Co.)
May 4, 2004... HOUSTON -- Saudi Arabia's giant Shaybah field should continue to produce at 500,000 barrels of oil per day for 50 years or more, thanks to continued application of advances in production technology, a Saudi Aramco executive said Monday at the...

Aramco Boasts of Tight Security at Facilities in Oil Heartland.(Saudi Arabian Oil Co.)
May 4, 2004... DUBAI -- The fact that Saturday's attacks in Saudi Arabia took place just outside a massive petrochemicals complex will likely have caused some nervousness at Saudi Aramco. The state oil giant prides itself on super-tight security that...

Heating Degree Days.(Illustration)
May 4, 2004... Heating Degree Days Week Dev Cum Dev For week of From From From May 1, 2004 Week From Year...

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

Stock Market Scorecard.(Illustration)
May 4, 2004... Stock Market Scorecard Close 1-Day. % Chg. May 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Amerada Hess 73.92 +2.79 ...

El Paso Reserves Reviewed.(Brief Article)
May 4, 2004... El Paso announced Monday results from an independent audit by Haynes and Boone which found employees used aggressive and at times unsupportable methods to book proved reserves of oil and natural gas. Certain employees also provided proved...

Dominion Finds Gas in Gulf.(Dominion Energy Inc.)(Brief Article)
May 4, 2004... Dominion Energy said Monday that it has found 100 net feet of natural gas pay from a well in its San Jacinto Prospect in the eastern Gulf of Mexico. The pay was found in multiple reservoir sands 15,829 feet down in Desoto Canyon block 618,...

Penn Virginia Boosts Output.(Brief Article)
May 4, 2004... Penn Virginia Corp., an independent oil and natural gas producer, announced Monday that it was able to increase production in the first quarter of 2004 by 11% to 6.5 Bcfe from the same period last year due in large part to the company's new...

Halliburton Wins Norway Work.(Sperry-Sun Drilling Services Inc.)(Brief Article)
May 4, 2004... Halliburton subsidiary Sperry-Sun has been awarded a three- year, $130 million contract to provide drilling services for ConocoPhillips' North Sea operations. The agreement includes options to extend the deal for as much as six additional...

Alaskan Output on Downtrend.(British Petroleum Company PLC, Northstar field)(Brief Article)
May 4, 2004... Alaskan production declined by about 30,000 b/d to just over 1 million b/d last month as a result of warming temperatures and work on a crude oil stabilizer at BP's Northstar field, according to data from the Alaskan Department of Revenue's Tax...

Camacho Is Petroecuador Chief.(Luis Eduardo Camacho)(Petroleos del Ecuador)(Brief Article)
May 4, 2004... Ecuador president Lucio Gutierrez Saturday named Luis Eduardo Camacho president of state-owned Petroecuador. Former Petroecuador president Pedro Espin resigned Wednesday as part of Gutierrez' shuffling of state energy sector executives (OD...

Ecopetrol, Union to Meet.(Empresa Colombiana de Petroleos S.A.)(Brief Article)
May 4, 2004... Ecopetrol and leaders of its striking labor union will meet this week to discuss energy policy, the Colombian state oil company said Saturday. Friday, Ecopetrol made good its threat to fire striking workers by dismissing 17 members of the Union...

California Pipeline Reopens.(Brief Article)
May 4, 2004... Pipeline operator Kinder Morgan said Sunday that it has reopened its 14-inch Concord, to Sacramento, California, pipeline after a leak forced the company to the shut the line Friday. According to Kinder Morgan, officer from the Department...

Shell Unit Down for Repairs.(Brief Article)
May 4, 2004... Shell said Monday it would reduce output at a catalytic cracker at its Deer Park, Texas, refinery during maintenance scheduled to begin on Thursday, according to a filing with the Texas Natural Resource Conservation Commission. The...

Fluor Gets Canada Diesel Deal.(Fluor Canada Ltd.)(Brief Article)
May 4, 2004... Fluor said Monday that it won a $244-million contract to produce ultra-low-sulfur diesel fuel in partnership with Shell Canada under the Canadian government's new standards for diesel fuel. According to Fluor, the company will design and...

Motiva Delaware Deal Done.(Motiva refinery)(Brief Article)
May 4, 2004... Independent refiner Premcor took possession Saturday of the 180,000 b/d Delaware City, Delaware, Motiva refinery, completing a $900 million deal announced in February. Jointly owned by Royal Dutch/Shell and Saudi Aramco, the sale of the...

Evergreen Deal Invites Scrutiny for Pioneer.(Evergreen Resources Inc.)(Pioneer Natural Resources Co.)
May 5, 2004... WASHINGTON -- Is there something rotten in Denver? That's what investors were trying to determine on Tuesday after Rocky Mountains producer Evergreen Resources agreed to sell itself to Pioneer Natural Resources at a discount to its market...

Canada Suspends Duty on Offshore Vessels.
May 5, 2004... HOUSTON -- Canada is suspending for the five years its onerous duty on offshore drilling vessels brought in from abroad, John Efford, the country's minister of natural resources, said Tuesday at the Offshore Technology Conference. The tax...

Cooper Cameron Unveils New Subsea Management System.
May 5, 2004... HOUSTON -- Some of the equipment and tools displayed at the annual Offshore Technology Conference may seem to the untrained eye as Rube Goldberg sorts of gadgets, but these complex assemblies of pipes, tubes, meters and valves have the...

Oil Futures Breaking Records as Traders Await Stocks Data.
May 5, 2004... WASHINGTON -- Oil futures continued their record-breaking pace on Tuesday, bolstered by ongoing Mideast security fears and supply angst heading into the key summer driving season. The prompt crude contract on the New York Mercantile...

Schlumberger Upbeat About Subsea Completion Opportunities.(Schlumberger Ltd.)
May 5, 2004... HOUSTON -- Oil field services giant Schlumberger says it is well placed to benefit from what it expects to be a strong market for subsea well completions and related equipment and services over the next few years. In particular, the...

Emerging Plays Could Help Gulf of Mexico Output Bounce Back.(Offshore Technology Conference)
May 5, 2004... HOUSTON -- Senior executives of independent US oil and gas companies said Tuesday that emerging exploration plays in the Gulf of Mexico could enable the region to bounce back from its recent downward trend in production. Noble Energy Chief...

Licensing Rounds, Asset Sales Keep Interest High in UK North Sea.
May 5, 2004... HOUSTON -- Monday's deal between Canada's Talisman Energy and UK independent Intrepid Energy did not come as much of a surprise to government officials who oversee the UK North Sea. Senior officials say that their policies, combined with...

Will Lenders Respond to PDV's Need for Outside Financing?(Petroleos de Venezuela S.A.)
May 5, 2004... WASHINGTON -- Venezuela's state oil giant Petroleos de Venezuela (PDV) will pay 73% -- or roughly $27 billion -- of its $37 billion 2004-09 Investment Plan out of its own pocket, and plans to get the rest from Japanese, Chinese and US banks....

Oil Prices Have Record Month Despite Weak Fundamentals.
May 5, 2004... NEW YORK -- Prices continue to derive considerable support from fears of US gasoline shortages this summer; geopolitical uncertainties in Iraq, Saudi Arabia and elsewhere; and long speculative positions. Despite an apparent global excess...

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

Stock Market Scorecard.(petroleum industry)(Illustration)
May 5, 2004... Stock Market Scorecard Close 1-Day. % Chg. May 04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 12.69 +0.28 +2.26...

Noble Q1 Income Doubles.(Noble Energy )(Brief Article)
May 5, 2004... Independent producer Noble Energy Tuesday said its quarterly profit more than doubled as crude oil and natural gas prices neared historic highs and production volumes surged. The Houston-based company reported first-quarter net income of...

Talisman Income Slips.(Talisman Energy Inc.)(Brief Article)
May 5, 2004... Talisman Energy, Canada's second-largest oil explorer, said Tuesday first-quarter net income slipped as a stronger Canadian dollar and higher US natural gas prices reduced company revenues. Talisman, known for operations in North America,...

Comstock Net Plunges in Q1.(Comstock Resources Inc.)(Brief Article)
May 5, 2004... Comstock Resources said Tuesday that first-quarter results were affected adversely by expenses related to the retirement of debt and lower realized prices for oil and natural gas. The Frisco, Texas-based company said revenue was $60.8...

PetroKazakhstan Net Jumps.(Brief Article)
May 5, 2004... First-quarter profit at PetroKazakhstan jumped nearly 28% as the oil producer and refiner increased volumes and benefited from robust oil prices, it said Tuesday. PetroKazakhstan, a Canadian-based company that operates solely in the...

Nexen Down on Strong CA Dollar.(earnings)(Brief Article)
May 5, 2004... First-quarter income at Nexen fell 24% as the strong Canadian dollar chewed away the impact of higher crude prices, the country's fourth-largest oil explorer and producer said Tuesday. Nexen, which operates in the US Gulf of Mexico, Yemen,...

GulfTerra Income Rises 32%.(GulfTerra Energy Partners L.P.)(Brief Article)
May 5, 2004... Houston-based gathering company GulfTerra Energy Partners announced Tuesday first quarter net income of $55.6 million, a 32% rise from the $42.2 reported a year ago. According to GulfTerra Chief Executive Robert Phillips, the rise is due...

Enviros Contest Lease Sale.(National Petroleum Reserve Alaska)(Brief Article)
May 5, 2004... A Jun. 2 lease sale in the northwest corner of the National Petroleum Reserve Alaska (NPR-A) is again being challenged by a group of environmental organizations on the grounds that key wildlife habitats are not being adequately protected. ...

Mission Finds Gas in Texas.(Mission Resources Corp.)(Brief Article)
May 5, 2004... Mission Resources said Tuesday that the #1 Barry well in DeWitt County, Texas, has been completed and tested at a gross rate of 10.7 MMcf/d. Natural gas production from the well is expected to begin in mid-May at an initial gross rate of...

Williams Secures $1B Line.(credit line )(Brief Article)
May 5, 2004... Williams said Tuesday that it has obtained a three-year, $1 billion revolving line of credit secured primarily by some of the company's midstream assets located in the western US. The new line of credit replaces the $800 million cash-...

Conoco Seeks Polish Partner.(ConocoPhillips)(Brief Article)
May 5, 2004... ConocoPhillips wants to team up with Poland's PKN Orlen to own and operate Czech oil refinery Ceska Rafinerska, Barry Kummins, ConocoPhillips managing director for central and east Europe, said Tuesday. Italy's ENI, Anglo-Dutch Royal...

Pemex Moves to Cut Sulfur.(Petroleos Mexicanos)(Brief Article)
May 5, 2004... Mexican state oil and gas monopoly Pemex said it is launching a new low-sulfur version of its Premium gasoline that could cut harmful sulfur dioxide emissions by 40%. Pemex said the new version of its high-octane, unleaded Premium fuel...

Clayton Williams Buys Assets.(Clayton Williams Energy Inc.)(Brief Article)
May 5, 2004... Clayton Williams Energy revealed Tuesday that it would buy Southwest Royalties, a privately owned energy company based in Midland, Texas, for an estimated $187.8 million. The deal is expected to close no later than May 21. Clayton Williams...

Gasoline Prices Climb More.(Brief Article)
May 5, 2004... Consumers have to dig deeper in their pockets to pay for a tank of gasoline as the national price for motor fuel rose 3.2cents over the last week to a new record high of $1.844 a gallon, the government said. The latest pump price is up...

Fluor Wins BP Offshore Work.(British Petroleum Company PLC)(Brief Article)
May 5, 2004... Fluor said Tuesday it won a $20 million contract from BP to provide front-end engineering and design, project engineering, procurement and construction management services for an offshore natural gas processing platform and other facilities in...

Enbridge Files In Alaska.(Enbridge Inc. contract)(Brief Article)
May 5, 2004... Calgary-based Enbridge said Tuesday it has filed an application with the state of Alaska to negotiate commercial agreements for the construction and operation of the part of the Alaska Highway Pipeline Project to be built in the state. ...

Refining Margins Up $2.(refineries)(Brief Article)
May 5, 2004... US refining profit margins rose almost $2 last week to $11.06/bbl, the highest since last summer, according to a UBS report issued Tuesday. "The rise in refining margins last week was sparked by a gasoline price rally after the (government)...

Alon Texas Unit to Be Fixed.(Alon U.S.A. maintenance)(Brief Article)
May 5, 2004... Alon USA will perform maintenance at its 60,000 b/d refinery in Big Springs, Texas, the company said in a notice to the Texas Natural Resource Conservation Commission Tuesday. Maintenance will be done on the crude unit and the alkylation...

Devon Lowers Production Guidance for 2004.(Devon Energy Corp.)
May 7, 2004... HOUSTON -- Devon Energy said Thursday it is lowering its production guidance for 2004 as a result of lower-than- expected volumes in the US, West Africa and China. While some of Devon's US operations have fallen short of earlier...

Argentina to Re-Establish State Oil Company.
May 7, 2004... WASHINGTON -- While Argentine President Nestor Kirchner toured the US this week to calm investors' fears about increased government control of the hydrocarbons industry, his cabinet is putting the final touches on an "Integral Energy Plan," to...

Crude Oil Futures Attempt to Break $40 but Fail and Slip Back.(Brief Article)
May 7, 2004... NEW YORK -- Traders attacked the magical $40 level for crude oil futures early on Thursday but failed to scale its peak, while a second expected attempt did not materialize as oil contracts drifted lower on technical selling. The light,...

Tesoro Maximizes Runs and Profits; Fire Burns Frontier Results.(Tesoro Crude Oil Co.)
May 7, 2004... WASHINGTON -- Maximizing refinery throughput to capitalize on high margins allowed West Coast refiner Tesoro to post a 150% improvement in first quarter earnings and exceed Wall Street expectations. Meanwhile, rival Frontier Oil found itself...

MMS Hopes Lease Turnover Will Spur Deepwater Drilling Rebound.(Minerals Management Service)
May 7, 2004... HOUSTON -- The Minerals Management Service (MMS) says deepwater drilling in the Gulf of Mexico has declined sharply over the last two years but it hopes that a wave of expiring leases in 2006 and 2007 will spur a rebound in activity. MMS...

Williams Posts Profit in First Quarter as Company Narrows Its Focus.
May 7, 2004... HOUSTON -- Williams said Thursday it is on track to generate more than $1 billion in cash flows from operations this year as the company announced a reversal of fortune from the loss posted in the first quarter of 2003. Williams reversed...

Executives Debate When Hubbert's Curve Theory Will Be Fulfilled.
May 7, 2004... HOUSTON -- The world clearly is running out of oil, a panel of industry experts agreed at the Offshore Technology Conference on Thursday. What they disagreed about, in a polite but often vehement manner, was when the dire event would...