The Oil Daily articles from November 2004

The Oil Daily archives from November 2004

EnCana Exits North Sea; More Sales to Come.
November 1, 2004... EnCana sold its UK North Sea assets -- including its prized Buzzard discovery -- to rival Canadian independent producer Nexen for $2.1 billion in cash on Friday. The Calgary-based company also plans to sell its Ecuador and US Gulf of Mexico...

Chevron Profits Jump, But Ivan Impact Lingers.
November 1, 2004... ChevronTexaco has followed in the footsteps of its big oil rivals, announcing Friday a 62% rise in third-quarter net income. Although up sharply from the year-earlier period, the California-based major's earnings were affected by asset...

Winter Natural Gas Futures Hit $10, But Storage Nearing Capacity.
November 1, 2004... Technical factors dominated in volatile trading last week as near-month natural gas futures moved to settlement, but fundamentals could soon re-emerge as drivers behind the market. Notably, physical traders face a bearish near-term spell of...

Crude Futures Rebound on Short Covering Ahead of Election.
November 1, 2004... In a dramatic comeback, crude futures on the New York Mercantile Exchange (Nymex) rose nearly $1 per barrel on Friday driven by short-covering ahead of the US presidential election on Tuesday. The rally came after volatile trading in which oil...

Sour Crudes Gain More Ground on Sweets as More Production Resumes in US Gulf.
November 1, 2004... Sour crudes gained more ground on sweet crudes in the US physical market last week. Traders attributed the firming of sours to a combination of US benchmark West Texas Intermediate (WTI) weakening, limited available cargoes, and refiners asking...

Petrobras Misses Out on Profit Windfall as Domstic Fuel Prices Lag.
November 1, 2004... At a time when most international oil companies are posting huge increases in earnings from high oil prices, Brazilian state-controlled Petrobras seems to be missing out. In spite of record high oil prices, Petrobras saw its net income...

Anadarko Profits Surge on High Prices; Marco Polo Field Still Having Problems.
November 1, 2004... Buoyed by high oil and gas prices, Anadarko Petroleum is ahead of schedule with its restructuring plans, according to CEO and President Jim Hackett, who said the company performed better than forecast "operationally, financially and...

Iraq's October Exports Rise as North Adds to Steady South.
November 1, 2004... Iraq has stepped up oil output over the past two weeks despite ongoing violence and is set to export far more oil in October than earlier anticipated, thanks to sustained exports in the south and higher exports from the Kirkuk fields in the...

Canadian Gas Storage.(Brief Article)
November 1, 2004... Enerdata reported that the amount of natural gas in Canadian storage facilities rose 0.7 Bcf to 467.5 Bcf for the week ended Oct. 22. Storage caverns are 96.9% full, up from 96.4% the previous week and from 92.2% a year ago. (Bcf) ...

Baker Hughes Rig Count.(Brief Article)
November 1, 2004... US Rig Count Rises by 25 The number of rigs searching for oil and gas in the US increased by 25 to 1,250 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,090 rigs in operation. The...

Baker Hughes Rig Count.(Brief Article)
November 1, 2004... US Rig Count Rises by One The number of rigs searching for oil and gas in the US increased by one to 1,251 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,107 rigs in operation. The...

Daily Oil & Gas Price Review.(Illustration)
November 1, 2004... Daily Oil & Gas Price Review Prices for Friday, October 29, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Illustration)
November 1, 2004... Stock Market Scorecard Close 1-Day. % Chg. 10/29 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Amerada Hess 80.71 +1.36 ...

First Calgary Retains Lehman.(Brief Article)
November 1, 2004... First Calgary Petroleums said Friday that it has retained Lehman Brothers as financial adviser to assist the company in seeking and evaluating strategic alternatives "including an outright sale of the company," according to a First Calgary news...

National-Oilwell Profits Rise.(Brief Article)
November 1, 2004... National-Oilwell on Friday reported third-quarter net income of $27.8 million (32cents/share) compared to second-quarter 2004 net income of $21.4 million (25cents/share). Revenue rose nearly 16% to $619 as equipment orders rose. "Our...

Cooper Cameron Posts Lower Q3.(Brief Article)
November 1, 2004... Cooper Cameron reported Friday its third-quarter profit fell after booking an investment write-down this year and recording one-time accounting change gains the year before. However, excluding those one-time items, earnings rose on demand for...

Premcor Stock Stabilizes.(Brief Article)
November 1, 2004... Shares of US independent refiner Premcor came under heavy selling pressure following last Wednesday's announcement that Tom O'Malley would step down as its chief executive effective Jan.1, 2005. O'Malley will continue as Chairman of...

S&P Mulls Shell Downgrade.(Brief Article)
November 1, 2004... Standard & Poor's on Friday said it may cut its long-term ratings on Royal Dutch/Shell, citing new downward revisions to the group's proven oil reserves (OD Oct.29,p4). S&P said it may also cut its ratings on Shell units Shell Oil Co.,...

Pemex Delays Gas Decision.(Brief Article)
November 1, 2004... Mexican state oil giant Pemex said Thursday it will postpone until Nov. 9 its decision on a tender to develop two non- associated gas production areas that fall under multiple service contracts. Industrial Perforadora de Campeche and...

Pemex Relief Bill Passes.(Brief Article)
November 1, 2004... Mexico's lower house of Congress on Friday approved a tax bill designed to allow state oil monopoly Pemex to generate more income for exploration and exploitation, Congress said in a statement. The idea behind reforms is to let Pemex, which...

Transocean Rig Repaired.(Hurricane Ivan, 2004)(Brief Article)
November 1, 2004... Damaged and set adrift by Hurricane Ivan, Transocean's Deepwater Nautilus has been repaired and is being moved back to an ultra-deep drilling site in the Gulf of Mexico to conduct operations for Royal Dutch/Shell in 8,951 feet of water. ...

Speculators Trim Net Longs.(Brief Article)
November 1, 2004... Noncommercial crude oil speculators on the New York Mercantile Exchange (Nymex) trimmed their net long positions in the week ended Oct. 26, the Commodity Futures Trading Commission (CFTC) said on Friday. Noncommercial crude speculators cut...

Ivan Impacts Premcor Plants.(Brief Article)
November 1, 2004... US independent refiner Premcor said on Thursday its Memphis, Tennessee, refinery will run below planned rates because of hurricane damage to pipelines carrying Gulf of Mexico crude oil (OD Oct.12,p1). The Memphis refinery, where Premcor...

Candidates Poles Apart on Energy, Environment.
November 2, 2004... President Bush unequivocally supports aggressive domestic energy production and supply -- frequently at the expense of the environment, critics say -- setting him clearly apart from his Democratic challenger Sen. John Kerry. The outcome of...

Traders Back Pit at Nymex Dublin Launch.(New York Mercantile Exchange)
November 2, 2004... When it comes to the "black stuff," there's more being brewed up on the banks of the Liffey these days than just Guinness, after the New York Mercantile Exchange (Nymex) launched its Brent futures contract in Dublin's riverside financial...

Crude Futures Plunge in Pre-Election Selling Spree.
November 2, 2004... In a highly volatile trading session, crude futures lost about $3 per barrel in little more than three hours on Monday amid speculation that funds liquidated massive positions ahead of Tuesday's US presidential election, while refineries held...

Exxon Mobil, Shell Agree to Terms for Dutch Gasunie Split.
November 2, 2004... The Dutch government, Royal Dutch/Shell and Exxon Mobil announced on Monday that they have signed a heads of agreement on the restructuring of Gasunie -- Western Europe's largest midstream natural gas supplier -- which would legally separate...

Valero L.P. Acquires Major US Pipeline, Terminal Operator.
November 2, 2004... San Antonio-based Valero L.P. agreed to acquire Kaneb Pipe Line Operating Partnership, L.P on Monday in a $2.8 billion deal that will make Valero L.P. the largest terminal operator and second largest petroleum liquids pipeline operator in the...

Ramirez Replaces Munoz at Pemex; No Major Changes Seen to Company.
November 2, 2004... Liposuction surgery for his wife, paid for by Pemex, sucked out the remaining political backing for Raul Munoz, the head of the Mexican state oil company, who resigned on Monday. Last week, Mexican newspaper La Reforma revealed that Pemex...

TXU Shares Jump on Big Dividend Increase, Higher Profit Forecast.
November 2, 2004... Investors bid up the price of TXU's stock last week after the Dallas-based electric utility hiked its dividend, raised its profit forecast and boosted its share buyback program. TXU's shares rose 15.9%, making the company one of the biggest...

Lack of Investment Stymies PDV Output Growth, Bank Says.
November 2, 2004... Venezuela's crude output should increase by 200,000 barrels per day in 2005, but there are concerns about state-owned oil company Petroleos de Venezuela's (PDV) ability to sustain production growth due to a lack of investment, according to a...

Cooling Degree Days.(Illustration)
November 2, 2004... Cooling Degree Days Week Dev Cum Dev For week of From From From October 30, 2004 Week From...

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

Stock Market Scorecard.(Illustration)
November 2, 2004... Stock Market Scorecard Close 1-Day. % Chg. 11/01 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors BP 58.42 +0.17 ...

Yukos Tax Bill Soars.(Brief Article)
November 2, 2004... Russian officials on Monday demanded up to $10 billion in additional taxes from besieged oil major Yukos and its main unit, pushing its debts to more than $17 billion, Reuters reported. Yukos will have to pay at least $6.7 billion in back...

Canadian Superior Touts Finds.(Brief Article)
November 2, 2004... Calgary-based Canadian Superior Energy said Monday it would continue to focus on drilling in Drumheller Valley in Alberta. The company drilled five wells in the region in the second quarter and nine in the third quarter. Eight of the third...

Transocean Resumes Norway Ops.(Brief Article)
November 2, 2004... Transocean on Monday said that two of its Transocean semisubmersible units in Norway have resumed operations and a third semisubmersible rig will undergo a special periodic survey and upgrades before returning to service. Work on all three rigs...

Nigerians Threaten Strike.(Brief Article)
November 2, 2004... Nigeria's main labor organization has renewed threats to launch a second general strike from Nov. 16 to protest the government's refusal to return oil product prices to pre- September levels. The dispute between Nigeria's federal...

Venezuela, Brazil Sign Pact.
November 2, 2004... The governments of Venezuela and Brazil signed an agreement Friday to exchange technical information on energy issues and explore the possibility of joint projects, officials said. Under the agreement, the oil ministries of the two...

Anadarko Sells Colorado Assets.(Brief Article)
November 2, 2004... Anadarko said Monday it has agreed to sell its Southeast Colorado producing properties to an affiliate of Citation Oil & Gas for $107.6 million, effective Jul. 1, 2004. The package has an estimated 9 million boe of proved reserves and...

Exxon Spikes Mobile LNG Plan.(Brief Article)
November 2, 2004... Since Exxon Mobil officially pulled the plug on its proposed $600 million liquefied natural gas (LNG) receiving terminal in Mobile, Alabama, attention is turning to two other nearby LNG facilities that remain in the planning stages. One...

Talisman Finds New Gas in BC.(Brief Article)
November 2, 2004... Talisman Energy said Monday that it has drilled another successful Paleozoic gas well at Monkman in northeastern British Columbia, testing at a restricted rate of 40 MMcf/d. The company also said it recently purchased deep gas mineral rights on...

Shell Delays Mars Work.(Brief Article)
November 2, 2004... Royal Dutch/Shell said on Monday it was delaying work on flexjoints at its Mars oil and gas platform in the Gulf of Mexico from early November to the late first quarter of 2005. The platform is producing oil at 150,000 b/d of oil and about...

Chicago Gas Pipe in Service.(Brief Article)
November 2, 2004... A new gas pipeline interconnection went into service today near Joilet, Illinois, which is expected to open up gas service in Wisconsin to shippers in Midwest and nearby Canadian markets. The interconnect at Joliet between Vector Pipeline...

Shell Leads Oil Shares Higher in October.(Royal Dutch-Shell Group of Cos.)
November 3, 2004... The decision by the parent companies of Royal Dutch/Shell to simplify the supermajor's corporate structure led to big share price gains last month for Royal Dutch Petroleum and Shell Transport & Trading. In US markets, Shell T&T gained...

Talisman Touts Alaska as Next Big Oil Play.(Talisman Energy Inc., National Petroleum Reserve-Alaska )
November 3, 2004... Canada's Talisman Energy, already enjoying exploration success with gas drilling programs in British Columbia and the US Appalachian Basin, is now setting its sights on Alaskan oil. At the state's Beaufort Sea lease sale on Oct. 27,...

Mitsui Buys Mexican LNG Stake.(Mitsui and Company Ltd. (Japan), liquefied natural gas )(Brief Article)
November 3, 2004... Mitsui has snapped up a 25% stake in Royal Dutch/Shell's Altamira liquefied natural gas (LNG) terminal in Mexico, as the Japanese company continues to pursue investment opportunities in energy-related infrastructure. The deal is subject to...

Crude Futures Settle Below $50/bbl as Market Awaits Election Results.(Brief Article)
November 3, 2004... In a quiet day of trading, crude futures on the New York Mercantile Exchange (Nymex) continued their downward trend, closing below $50 per barrel for the first time since Oct. 4 (OD Nov.2,p3). The market was mostly stagnant as players...

Newfoundland Fights Ottawa For Fair Cut of Offshore Oil Revenue.(Newfoundland Energy Company Ltd.)
November 3, 2004... Newfoundland is accusing the Canadian federal government of pursuing a strategy of "divide and conquer" as Ottawa seeks to cut a deal with the government of Nova Scotia over offshore oil revenues while turning a cold shoulder to their province....

Iran-China Energy Deal Still Needs Work; Role of Western Firms to be Determined.
November 3, 2004... A package of energy-related agreements signed last week in Beijing by Iranian Oil Minister Bijan Zanganeh and senior Chinese officials paves the way for China's state Sinopec to develop a large portion of Yadavaran, one of Iran's largest...

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

Stock Market Scorecard.(Illustration)
November 3, 2004... Stock Market Scorecard Close 1-Day % Chg. 11/02 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Total 103.55 -0.46 ...

Varco Posts Higher Q3 Income.(Brief Article)
November 3, 2004... Oil services firm Varco International on Tuesday reported higher third-quarter profits on increased oil drilling. Net income rose to $34.6 million (35cents/share), from $26.7 million (27cents/share) a year ago. Excluding discontinued...

BJ Services Profits Rise.(Brief Article)
November 3, 2004... BJ Services said on Tuesday that its earnings for the quarter ending Sep. 30 rose as high oil and gas prices boosted its drilling services. The Houston-based company reported its fiscal fourth-quarter net income rose to $85.6 million...

Charges Hurt Parker Drilling.(Brief Article)
November 3, 2004... Parker Drilling announced Tuesday a third-quarter loss of $22.1 million (23cents/share) compared with a loss of $6.7 million (7cents/share) in the same period of 2003. Revenue for the third quarter rose to $87.9 million from $82.9 million. ...

Comstock to Take Dry Hole Charges.(Brief Article)
November 3, 2004... Comstock Resources reported Tuesday that its third-quarter financial results would include charges of $9.4 million in dry hole costs and $1.6 million to cover the formation of US Gulf production firm Bois d'Arc Energy. Of the seven...

Citgo Q3 Profits Double.(Brief Article)
November 3, 2004... Citgo Petroleum, the international refining and marketing arm of Venezuelan state oil company Petroleos de Venezuela (PDV), said on Tuesday that its third-quarter profit doubled on increased use of cheaper heavy crude oil when US gasoline...

US Gulf Output Improves.(Brief Article)
November 3, 2004... Slowly but surely, oil and gas production from the US Gulf of Mexico is returning. The US Minerals Management Service (MMS) said Tuesday that 218,427 b/d of oil and 752 MMcf/d of natural gas output remain shut-in in the US Gulf due to damage...

Anadarko Gets Indonesia Block.(Brief Article)
November 3, 2004... Houston-based independent producer Anadarko said Tuesday that its Indonesian subsidiary has been awarded exploration and production rights to North East Madura III Block in Indonesia's fourth licensing round. The 1 million acre offshore...

UAE Appoints Energy Minister.(Brief Article)
November 3, 2004... In an unexpected move, the United Arab Emirates has appointed Mohamed bin al-Dhaen al-Hamili, its former Opec governor and head of refining and marketing at Abu Dhabi's state oil company Adnoc, as head of a newly created energy ministry. ...

SignalEnergy Buys E&P Firms.(Brief Article)
November 3, 2004... Alberta-based independent producer SignalEnergy said on Tuesday that it has acquired Predator Exploration and a private oil and gas company that it did not name. SignalEnergy said it will acquire Predator in an all-share deal worth C$21.9...

Dynegy Buys Excelon Assets.(Brief Article)
November 3, 2004... Exelon on Tuesday said it would sell some of its Sithe power generation assets to Dynegy for $135 million in cash. Included in the sale are Sithe Energies and Sithe Independence LP and include a 1,042 MW combined cycle power plant in...

Total Buys Puerto Rico Assets.(Brief Article)
November 3, 2004... Further bolstering its Caribbean downstream portfolio, French oil major Total has acquired 100 services stations in Puerto Rico, a purchase that closely follows its acquisition of 21 Jamaican service stations last April. Total declined to...

Magnum Hunter Closes Deal.(Brief Article)
November 3, 2004... Irving, Texas-based Magnum Hunter said Tuesday it has closed the $40 million acquisition of more than 30,000 acres in the Permian Basin in West Texas from a privately held company. The properties are located in Reagan, Irion, Glasscock and...

Bush Win Bodes Well For Energy Business.(George W. Bush)
November 4, 2004... President Bush won a second term in Tuesday's election, a victory sweetened by a stronger Republican Congress that will likely ensure a seamless continuation of current energy, environment and national security policies, according to industry...

EIA Defends Forecast Against Saudi Criticism.(Energy Information Administration, Saudi Arabia)
November 4, 2004... The US Energy Information Administration (EIA) has hit back at Saudi claims that its long-term production forecast for the kingdom is "unrealistic" and "totally irresponsible." Sadad al-Husseini, Saudi Aramco's former head of exploration...

Nymex Crude Futures Gain $1.26 on Re-election of Bush.
November 4, 2004... Crude futures on the New York Mercantile Exchange (Nymex) settled more than $1 higher on Wednesday on the re-election of US President George W. Bush, who traders viewed as more friendly to the energy business than his Democratic challenger Sen....

Canadian Natural Raises Cost Estimate For Horizon Oil Sands Project.(Canadian Natural Resources Ltd.)
November 4, 2004... Canadian Natural Resources has raised the cost estimates for its Horizon Oil Sands project by up to C$2 billion ($1.7 billion), due largely to escalating costs for steel and labor. However, the Calgary-based independent producer said on...

Ecuador's President Faces Impeachment; Oil Investment Climate Deteriorates More.
November 4, 2004... Ecuador's opposition parties will present Congress with a petition to impeach President Lucio Gutierrez today, accusing him of misuse of public funds, in a move that threatens to further disrupt the political atmosphere of the oil-rich Andean...

EIA Weekly Statistics.(Illustration)
November 4, 2004... Summary of Weekly Petroleum Data for the Week Ending October 29, 2004 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current WeekPrevious ...

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

Stock Market Scorecard.(Illustration)
November 4, 2004... Stock Market Scorecard Close 1-Day % Chg. 11/03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Murphy Oil 80.21 +2.47 ...

$40 Oil Could Spur Recession.(Brief Article)
November 4, 2004... A number of countries could face economic recession if crude oil prices stay above $40 per barrel, said Fatih Birol, chief economist for the International Energy Agency (IEA). "At this price level, not just above $50/bbl but also above...

Exxon Emphasizes Technology.(Exxon Mobil Corp.)(Brief Article)
November 4, 2004... Exxon Mobil President Rex Tillerson told financial analysts today in New York that the company is outpacing its competition by spending more than $600 million a year to develop proprietary technology. Tillerson, who earlier this year was...

Duke Profits Soar on Services.(Duke Energy Corp.)(Brief Article)
November 4, 2004... Power company Duke Energy on Wednesday posted higher third- quarter earnings, helped by improvements at its energy field services and Duke Energy North America units. Net income rose to $389 million (41cents/share), from $49 million...

Plains Pipe Profits Rise.(Brief Article)
November 4, 2004... Plains All American Pipeline on Wednesday reported third- quarter net income of $41.7 million (59cents/unit), an increase of 252% over net income of $11.9 million (19cents/unit) in the same period of 2003. Greg Armstrong, the partnership's...

CMS Posts Higher Q3 Net.(Brief Article)
November 4, 2004... Gas and power firm CMS Energy on Wednesday posted a third- quarter profit, reversing a year-earlier loss, driven by asset sales, solid operating performance and reduced debt. Net income was $56 million (35cents/share), compared with a loss...

Forties Output Resumes.(Brief Article)
November 4, 2004... Apache said Wednesday that it was resuming production at its UK Forties Field after a 27-hour shutdown caused by electrical problems. The field shutdown occurred early Tuesday after an electric power failure on the Forties Charlie platform,...

Yukos Prepares for Bankruptcy.(YUKOS Oil Co.)(Brief Article)
November 4, 2004... After a long and bitter struggle with the Russian authorities, oil major Yukos finally looks ready to throw in the towel and declare bankruptcy. Yukos' board of directors has called two extraordinary shareholder meetings. The first will be...

Bolivia Energy Law Delayed.(Brief Article)
November 4, 2004... A Bolivian government official told Oil Daily on Wednesday that she did not expect a vote on the country's controversial hydrocarbons law until after the country's municipal elections in December. A vote on the bill was originally planned for...

Dominican Republic Signs Deal.(Brief Article)
November 4, 2004... Venezuela plans to sign an agreement to supply the Dominican Republic with oil under preferential terms, Venezuela's information ministry said on Wednesday. The ministry said Venezuelan President Hugo Chavez and Dominican President Leonel...

Colombia Eyes Private Financing.(Brief Article)
November 4, 2004... Eager to slash its crude imports but constrained by tight cash flow, Colombia plans to turn to private financing to fund part of an $806 million upgrade for its 75,000 b/d Cartagena refinery. Carlos Florez, an official with the Colombian...

Aminex Sells Louisiana Field.(Orion Oil & Gas)(Brief Article)
November 4, 2004... UK-Irish explorer Aminex has sold its interests in the US Vinton Dome oil field in southwest Louisiana to Orion Oil & Gas for $5 million, it announced Wednesday. Vinton Dome currently holds 36 active oil wells producing approximately 180...

Bush Seen Keeping Close Ties to Saudis.(George W. Bush)(Saudi Arabia)
November 5, 2004... Saudi Arabia's oil supply is expected to remain at the heart of US energy policy following the compelling election win by President George W. Bush, according to analysts polled by Oil Daily. "Bush is more inclined to US dependence on Middle...