The Oil Daily articles from October 2005

The Oil Daily archives from October 2005

Industry makes slow recovery after Rita.
October 3, 2005... A week after Hurricane Rita blasted the US Gulf Coast, efforts to restore offshore oil and gas production and reactivate vital energy infrastructure were making painfully slow progress. By the end of last week, power was partially restored...

Dynegy repairs may take months.
October 3, 2005... Two major hurricanes in less than a month left Dynegy with an array of damage and destruction to deal with as first Katrina took the Yscloskey and Venice plants southeast of New Orleans out of service, then Rita pummeled three plants in Cameron...

New House energy bill to expand US heating oil reserve.
October 3, 2005... A proposal to expand the Northeast Heating Oil Reserve from 2 million barrels to 5 million bbl could get the approval of the US House of Representatives when it debates the post-hurricane energy fixes for the nation this week. Expanding...

Futures lose steam, long-term outlook still bullish.
October 3, 2005... After experiencing sharp upturns the first half of the week, crude and products futures markets saw heavy sell-offs at the end of last week. But the downward correction, which included sharp declines on Friday, is not expected to be the onset...

Daily oil & gas price review: prices for Friday, September 30, 2005.(Statistical table)
October 3, 2005... Daily Oil & Gas Price Review Prices for Friday, September 30, 2005 Crude Oil [GRAPHIC OMIITED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) ...

Gas, crude direction hinges on tropics, restoration of Gulf output.
October 3, 2005... The direction that natural gas and crude oil futures prices will take this week will likely hinge on two factors, more tropical development and the return of Gulf of Mexico offshore production. "Too much emphasis shouldn't be put on the end of...

US rig count rises by 32.(Brief article)
October 3, 2005... The number of rigs searching for oil and gas in the US rose by 32 to 1,483 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,127 rigs at work. The number of rigs searching for oil in the US...

Natural gas prices soar to new heights as winter approaches.
October 3, 2005... A newly released congressional report says that damage and production shut-ins from Hurricanes Katrina and Rita may mean that record high natural gas prices in the US will only get worse before winter, which is just around the corner. The...

PDV buys refinery, service stations in Argentina.
October 3, 2005... Venezuela's state-owned oil company Petroleos de Venezuela (PDV) will acquire a refinery and about 150 service stations in Argentina as part of a deal with that country's nascent state oil company Enarsa. Spain's Repsol YPF could have an active...

Lukoil offers $2 billion for independent Kazakh producer.(OAO Lukoil)
October 3, 2005... Lukoil Overseas, an arm of Russia's largest oil company Lukoil, announced on Friday that it has made a cash offer of US$2 billion for 100% of Nelson Resources, a Canadian independent producer that operates exclusively in Kazakhstan. "Kazakhstan...

In wake of hurricanes, entergy copes with extensive damage.
October 3, 2005... Just call Entergy's four-state service territory "Hurricane Alley," as Arkansas, Louisiana, Mississippi and Texas took it on the chin from either or both Hurricanes Katrina and Rita. The combination of extensive damage and the loss of thousands...

Nymex members hesitate on General Atlantic stake sale.(New York Mercantile Exchange)
October 3, 2005... Some members of the New York Mercantile Exchange (Nymex) are reluctant to sell a stake of the exchange to private equity firm General Atlantic, believing they are getting a raw deal, and criticize the Nymex board for poorly managing the...

High crude prices push officials to back coal gas plant.
October 3, 2005... Soaring energy prices and tight supplies led Pennsylvania's governor late Thursday to provide more than $500 million in funding and tax credits to get a coal-to-liquid (CTL) plant built, with construction slated for spring 2006 and operations...

Citgo declares force majeure.(CITGO Petroleum Corp.)(Brief article)
October 3, 2005... Citgo Petroleum declared force majeure Friday on all product deliveries from its 324,000 b/d refinery in Lake Charles, Louisiana, a buyer who received the notice told Dow Jones Newswires. The Citgo facility--the largest of the seven...

Oceaneering adds to fleet.(Oceaneering International Inc.)(Brief article)
October 3, 2005... Houston-based Oceaneering International has announced it is boosting its capital-spending plan by $18 million to add six new underwater robots and a specialized diving system to its inventory. Oceaneering Chairman and Chief Executive John...

Canadian gas storage.(Brief article)
October 3, 2005... Enerdata reported that the amount of natural gas in Canadian storage facilities rose 11 Bcf to 468.4 Bcf for the week ended Sep. 23. Storage caverns are 88.1% full, up from 86% the previous week but down from 92.7% a year ago. (Bcf) ...

Oil sands looming impact.(Brief article)
October 3, 2005... Canada's oil sands will contribute up to C$1.4 trillion (US$1.19 trillion) to the Canadian economy between 2000-20, according to a forecast released late last week by the Canadian Energy Research Institute (CERI). The report assumes a benchmark...

Libya readies for new round.(National Oil Corp.)(Brief article)
October 3, 2005... Libya's National Oil Company (NOC) will on Sunday unveil the winners of its second international licensing round since lifting of sanctions against the country. The first round was widely praised for its transparency and hopes are high that the...

Stock market scorecard.(NEWS ALERT)(Statistical table)
October 3, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 9/30 Chg. % Chg. Shell-B 68.87 -0.53 -0.76% Shell-A 65.64 -0.51 -0.77 Kerr-McGee ...

Sakhalin project starts up.(Brief article)
October 3, 2005... Exxon Mobil's Sakhalin-1 project came on line Oct. 1, with Russian Industry and Energy Minister Viktor Khristenko, Indian Oil Minister Mani Shankar Aiyar and India's ambassador to Russia attending the start-up ceremony. Exxon Neftegas is the...

TNK-BP sells smaller assets.(International)(Brief article)
October 3, 2005... Russia's TNK-BP has started selling off upstream assets in advance of taking a stake in Slavneft. The assets being sold by TNK-BP are mainly its smaller producers in the Volga-Urals region. Independent Russian producer Russneft announced...

House approves ESA reform.(Endangered Species Act)(Brief article)
October 3, 2005... The House of Representatives passed a measure last week making major changes to the Endangered Species Act (ESA) by focusing on species recovery and giving state and local communities a bigger role. Environmental groups, however, charged the...

Senate mulls new refining bill.(Brief article)
October 3, 2005... Joining the growing number of Republicans with proposals to overcome the US refining capacity crunch, Sen. Orrin Hatch (R-Utah) is pushing for more tax breaks for refiners to invest in additional refining capacity. Hatch was instrumental...

Transocean gets Nigeria deal.(Brief article)
October 3, 2005... Houston-based Transocean said Friday that its deepwater drilling ship, the Deepwater Pathfinder, has been awarded a $315 million, 800-day contract from Shell Nigeria for work off the Nigerian coast starting in April 2006. The Deepwater...

Speculators boost net shorts.(Brief article)
October 3, 2005... Crude oil speculators on the New York Mercantile Exchange built net short positions in the week ended Sep. 27 in a bet prices would fall, the Commodity Futures Trading Commission (CFTC) said Friday. Noncommercial crude oil speculators...

Exxon among winners in latest Libya tender.
October 4, 2005... The results of Libya's latest hotly contested upstream tender were announced in Tripoli Sunday, with Asian and European players accepting tough terms to emerge as the big winners. Exxon Mobil also made a winning bid, marking the US supermajor's...

Louisiana struggles to determine damage.
October 4, 2005... Ten days after Hurricane Rita smashed into the Gulf Coast, federal and state agencies are still struggling to assess the damage to oil and natural gas installations on the outer continental shelf (OCS), which is under federal jurisdiction, as...

Storms cause ConocoPhillips to see flat volumes in 2005.
October 4, 2005... ConocoPhillips warned investors Monday that third-quarter oil and gas output will be down as a result of lost volumes due to Hurricanes Katrina and Rita. The Houston-based integrated major also said that it is making progress bringing back on...

Crude, product futures fall as supply fears ease.(Brief article)
October 4, 2005... Crude and product futures fell in New York and London on Monday on easing concerns about supply after the US government said it was ready to release emergency stockpiles of crude and heating oil if needed to help in the recovery from hurricane...

Daily oil & gas price review: prices for Monday, October 3, 2005.(Table)
October 4, 2005... Daily oil & gas price review Prices for Monday, October 3, 2005 Crude Oil [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.87 ...

Iraq's oil minister survives attack; country seeks to boost October exports.
October 4, 2005... Iraq's Oil Minister Ibrahim Bahr al-Uloum came under attack on Monday by insurgents who hurled bombs at his motorcade in Baghdad. The minister survived the attack, but two of his guards were killed, a senior official at the Oil Ministry told...

Repsol consortium discovers more oil in Libya's prolific Murzuq basin.
October 4, 2005... Repsol YPF and its partners have notched up their fifth oil discovery on Libya's Block NC186 in the country's prolific Murzuq Basin in the southern Sahara Desert, Repsol announced Monday. The four earlier discoveries on the 2,670 mile block are...

Cooling degree days.(petroleum industry)(Table)
October 4, 2005... Cooling Degree Days For the week of Oct. 1, 2005 Week Dev From Week From Year Cum State/City (PADD) Total Norm...

DOE launches consumer plan for energy conservation.
October 4, 2005... The US Department of Energy (DOE), in partnership with the Alliance to Save Energy (ASE), is launching a plan to educate the public, private business and the government on steps to conserve energy and reduce demand at a time the country's...

Isramco posts big share gain in strong week for small E&P firms.
October 4, 2005... Small independent producers dominated the list of leading share price gainers in the energy sector last week, with tiny, Nasdaq-listed Isramco the top performer after posting an impressive gain of 43.3%. The share gain came after the company...

Oil & gas share gainers and decliners.(Statistical table)
October 4, 2005... Oil & Gas Share Gainers and Decliners Week Ended Sep. 30, 2005 Top 15 Gainers Close Close Company Ticker 9/30 9/23 %Chg Isramco ISRL ...

Repsol swaps Argentina output for access to Venezuela fields.
October 4, 2005... Spanish major Repsol YPF will provide Venezuela's state owned oil company Petroleos de Venezuela (PDV) with up to 10% of its production in Argentina in exchange for access to new oil concessions in Venezuela through the creation of three joint...

Woodmac says industry falls short on reserve replacement.
October 4, 2005... Exploration has been a profitable activity for international oil companies over the last decade, but it has not led to the discovery of sufficient new oil and gas reserves to replace their production, consulting firm Wood Mackenzie said on...

Petrobras in talks to farm out Jubarte development to Japanese.
October 4, 2005... Eager to grow its crude exports to Japan, Brazil's state oil company Petrobras is in talks with Japanese companies to finance the second phase of development of its offshore Jubarte Block. The Jubarte field, which holds an estimated 600...

London market steps up challenge for Canadian energy listings.
October 4, 2005... London's Alternative Investment Market is stepping up its challenge to the Canadian stock market--traditional home to junior oil and gas company listings--by promoting itself as the No. 1 exchange for growth companies. "AIM is a very vibrant...

Lukoil grabs most of Nelson.(Top Briefs)(Brief article)
October 4, 2005... Russia's Lukoil said on Monday it had snapped up most of Nelson Resources' stock as part of a $2 billion offer for the oil firm, while Nelson executives faced scorn from investors worried they were being low-balled. Nelson, a Bermuda-based...

Ex-Im Bank backs Pemex loans.(Top Briefs)(Brief article)
October 4, 2005... The US government's Export-Import Bank said Monday it has approved three long-term loan guarantees totaling $1 billion to support US exports and services for Mexico's exploration and production of oil and gas. The loan guarantees will...

Firms update storm damage.(Exploration & Production)(Brief article)
October 4, 2005... Several energy companies on Monday quantified the impact of Hurricanes Katrina and Rita on their production and operations. Canadian pipeline giant Enbridge said Rita will cut 2005 earnings by about C$5 million ($4.3 million). The company...

French refinery strikes continue.(International)(Brief article)
October 4, 2005... Refinery disruptions in France are continuing into their second week. In two separate strikes, Total's Gonfreville refinery in Normandy has been shut since Sep. 26, while a port workers' strike has prevented tankers from loading and discharging...

Stock market scorecard.(NEWS ALERT)(Statistical table)
October 4, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 10/3 Chg. % Chg. Marathon 69.21 +0.28 +0.41% Statoil 24.69 +0.00 +0.00 Occidental 85.40 -0.03...

Total, CNPC in upstream pact.(China National Petroleum Corp.)(Brief article)
October 4, 2005... China National Petroleum Corp. (CNPC) and France's Total signed two memorandums of understanding (MOUs) last week for cooperation in China and in a third country. The MOUs were signed during a meeting in China between CNPC's president, Chen...

TNK-BP completes share offer.(International)(Brief article)
October 4, 2005... Russian-UK joint venture TNK-BP has completed a share exchange offering to minority shareholders in the company's subsidiaries, it said in a statement Monday. More than 50% of minority shareholders in 14 of TNK-BP Holding's operating units...

Lundin plugs Nigeria well.(International)(Brief article)
October 4, 2005... Sweden's Lundin Petroleum and its partners will plug and abandon the Aje-3 appraisal well in Block OML 113 off western Nigeria, Lundin said Monday. The consortium had hoped that Aje-3 would prove up further reserves and lead to a commercial oil...

Chavez issues warning.(Latin America)(Brief article)
October 4, 2005... Venezuelan President Hugo Chavez on Sunday reminded oil companies holding operating contracts in the Opec nation they must change the deals to make them comply with new terms offered by the government or give up their projects. The Chavez...

Petrobras Energia on watch.(Latin America)(Brief article)
October 4, 2005... Standard & Poor's said Monday that it placed its "B" ratings on Argentina-based Petrobras Energia on a credit watch "with negative implications," citing the company's exposure in Venezuela and ongoing negotiations to convert its concession...

Court dismisses Nymex lawsuit.(New York Mercantile Exchange)(Brief article)
October 4, 2005... A US district court dismissed a copyright- and trademark-infringement lawsuit brought by the New York Mercantile Exchange (Nymex) over the use of its settlement prices by competitor IntercontinentalExchange (ICE), but Nymex said Monday it...

Kerr-McGee completes sale.(Mergers & Acquisitions)(Brief article)
October 4, 2005... Kerr-McGee said Monday that it has completed the $566 million sale of its interest in four non-operated UK North Sea oil and gas fields. The company announced the sale nearly two months ago (OD Aug.9,p1). The majority of the assets were sold to...

Reliant sells New York plants.(Mergers & Acquisitions)(Brief article)
October 4, 2005... Reliant Energy announced Monday a deal to sell to investors three gas-fired power plants in New York City, including one of the city's largest for $975 million, to help pay down debt. Madison Dearborn Partners and US Power Generating Co....

MMS says Gulf output out for 'months'.(Mineral Management Service)
October 5, 2005... A substantial portion of the oil and gas production in the Gulf Coast affected by Hurricanes Katrina and Rita could take several months to resume, with major repairs extending into the next year, Interior Secretary Gale Norton said Tuesday. ...

Chesapeake buys into Appalachian basin.(Chesapeake Energy Corp., Columbia Natural Resources Inc.)
October 5, 2005... Chesapeake Energy has agreed to pay $2.2 billion in cash for privately owned Columbia Natural Resources, serving notice that it plans to become the dominant gas producer in the Appalachian Basin, a position it already holds in the Midcontinent...

Kazakhs eye 'strategic control' over PetroKazakhstan assets.(China National Petroleum Corp. is in a bid to takeover PetroKazakhstan Inc.)
October 5, 2005... China National Petroleum Corp.'s (CNPC) $4.18 billion bid for producer PetroKazakhstan seems to have hit another roadblock, with the Kazakh energy minister declaring that the government is keen to assume "strategic control" over the...

Nymex crude falls on easing damage fears in Gulf.(New York Mercantile Exchange)(Brief article)
October 5, 2005... Crude and futures fell across the board on Tuesday amid easing concerns about supply after the US government said hurricane damage to underwater pipelines in the Gulf of Mexico wasn't as severe as earlier thought and that emergency fuel was...

Daily oil & gas price review.(Statistical table)
October 5, 2005... Prices for Tuesday, October 4, 2005 Crude Oil [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -1.54 57.70 59.68 60.74...

Sabine pipeline partially lifts force majeure at Henry Hub.(Sabine Pipe Line Co.)
October 5, 2005... Sabine Pipeline partially lifted its force majeure at the Henry Hub Tuesday, but the limited scope kept the benchmark price point from trading on the cash market for another day. The Hub has been down since Sep. 22 when Hurricane Rita came...

Major oil equities win again in September on strong prices.(Repsol YPF S.A. (Madrid, Spain))(Marathon Oil Co.)(Amerada Hess Corp.)
October 5, 2005... Oil shares took off in September, making last month the fourth straight month that oil equities shot higher. After moving steadily higher throughout the summer, share price gains may soon grind to a halt if history repeats itself in the final...

Forecast: hurricane season far from over in US Gulf.(Hurricane Katrina 2005)(Hurricane Rita 2005)
October 5, 2005... The 2005 Atlantic hurricane season has already made a name for itself in the history books as one of the costliest on record--and forecasters are warning that there is more to come. A team of researchers at Colorado State University have issued...

Hurricanes take bite out of BP profits, production.(British Petroleum Company PLC)
October 5, 2005... BP has estimated that the damage to its offshore facilities from Hurricanes Katrina and Rita and the impact on production will probably cost the company in excess of $700 million in lost profits and other costs. In a trading statement Tuesday,...

Texas City up by month's end.(Top Briefs)(Texas City Refining Inc. will start work by october)(Brief article)
October 5, 2005... BP said Tuesday that it sees its 460,000 b/d Texas City refinery up and running by the end of October following a cold shut down necessitated by Hurricane Rita. In a statement, the company said "the cold shut down of the steam generation...

Chevron halts Port Pelican.(Top Briefs)(Chevron Corp. holds LNG plant construction)(United States. Coast Guard)(Brief article)
October 5, 2005... Chevron has indefinitely suspended construction work associated with a controversial offshore terminal in Louisiana to import liquefied natural gas to the US, the Coast Guard said Tuesday. Specifically, Chevron is no longer pursuing approval to...

Auger pipeline damaged.(Top Briefs)(Royal Dutch-Shell Group of Cos. to repair auger platform natural gas pipeline)(Brief article)
October 5, 2005... Hurricane Rita damaged the 12-inch natural gas pipeline serving Royal Dutch Shell's offshore Auger platform, and repairs will take four to six weeks, the company said Tuesday. The pipeline was damaged at two locations on the ocean floor,...

Fuel prices spur bike sales.(Corporate News)(bicycle sales exceeds auto sales in 2005)(Brief article)
October 5, 2005... In a possible sign that high gasoline and diesel fuel prices may be triggering some demand destruction, a bicycle trade association has reported a substantial rise in bicycle sales in the US this year--especially since August, when Hurricane...

Stock market scorecard.(NEWS ALERT)(for petroleum industry)(Statistical table)
October 5, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 10/4 Chg. % Chg. Total 132.52 -2.87 -2.14% Statoil 24.13 -0.56 -2.27 Chevron 62.84 -1.61...

Suncor boosts heavy oil output.(Exploration & Production)(Suncor Energy Inc.)(Brief article)
October 5, 2005... Calgary-based oil sands producer Suncor Energy has boosted crude oil production at its oil sands upgrader by 35,000 b/d to 260,000 b/d of heavy oil, just two weeks after restarting the upgrader, which was damaged in a fire last January ...

Global gets offshore work.(International)(Global Industries Ltd. )(Brief article)
October 5, 2005... Oil and gas pipeline builder Global Industries on Tuesday said it received four pipeline and structural installation contracts, together worth about $153 million offshore India, Angola, Congo and Nigeria, Global said in a news release. The...

Saxon buys Drillers Technology.(Mergers & Acquisitions)(Saxon Energy Corp. acquires Drillers Technology Corp.)(Brief article)
October 5, 2005... Saxon Energy Services said on Tuesday it has agreed to buy oil and gas drilling contractor Drillers Technology in a deal worth C$72 million ($61.5 million). Saxon will pay C$1.85 for each Drillers common share, representing a 14% premium to...

Lyondell-Citgo Refinery at 50%.(Refining)(Citgo)(Lyondell Chemical Co.)(Brief article)
October 5, 2005... Lyondell Chemical on Tuesday said a joint venture refinery in Houston with Petroelos de Venezuela subsidiary Citgo was operating at only 50% of capacity because of equipment problems encountered when it was restarted in the wake of recent...

Margins soar above $34/bbl.(Refining)(in United States, Europe and Singapore)(Brief article)
October 5, 2005... US refining margins rose 58% last week to $34.82/bbl, according to A.G. Edwards, the result of refineries shut down because of Hurricane Rita. Margins were especially high in the Gulf Coast region, where they averaged $43.90/bbl, up from...

Slowing demand drives crude prices lower.
October 6, 2005... Crude and product futures continued to fall across the board on Wednesday, with crude prices on the New York Mercantile Exchange (Nymex) dropping below $63 per barrel amid concerns about slowing fuel demand. A sharp sell off in the products...

SUV sales plummet after hurricanes.
October 6, 2005... Hurricanes Rita and Katrina--which shut in some 15% of US refining capacity, causing a surge in gasoline prices and stoking fears of US dependency on foreign oil--have caused a noticeable shift in Americans' attitudes towards energy efficiency....

Refinery legislation to see close fight in divided house.
October 6, 2005... Leading industry groups are backing a refinery bill to be debated in the House of Representatives on Friday, which likely will see a close fight among members divided over the question of whether existing environmental protections should be...

Daily oil & gas price review: prices for Wednesday, October 5, 2005.(Statistical table)
October 6, 2005... Daily oil & gas price review Prices for Wednesday, October 5, 2005 Crude Oil [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -1.03 ...

Nova Scotia revises policies to boost offshore drilling.
October 6, 2005... A year ago, oil and gas companies told Nova Scotian regulators that policies needed to be revised to boost drilling activity there (OD Oct.7'04,p5). The Atlantic Canada province has since addressed some of the industry's concerns, but new...

EIA weekly statistics: for week ended Sep. 30, 2005.(Statistical table)
October 6, 2005... EIA Weekly Statistics For Week Ended Sep. 30, 2005 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 16.3 14.7 10.9% PADD 2...

Venezuela hands exploration licenses to Chevron, Gazprom.(Chevron Corp.)(OAO Gazprom)
October 6, 2005... Venezuela handed over exploration licenses on Tuesday to Gazprom and Chevron, the only two winners of the Rafael Urdaneta project bidding round that offered offshore natural gas blocks in the western Gulf of Venezuela. Gazprom received two...

Group attacks federal 'subsidies' for Canada's oil producers.
October 6, 2005... A coalition of environmental groups, the auditor-general of oil rich Alberta and a prominent former federal politician are all asking Ottawa and Edmonton to explain why the oil and gas industry, particularly booming oil sands developers, are...

High oil prices wipe out September demand growth.
October 6, 2005... Preliminary demand data for September suggest that $65 per barrel crude oil and $100/bbl gasoline have killed off petroleum demand growth: Year-on-year oil demand was basically flat. Demand data are fuzzy and jumpy, with distortions from...

Lukoil ups ante in Kazakh spat.(OAO Lukoil)(Brief article)
October 6, 2005... Russia's Lukoil is upping the ante in its spat with PetroKazakhstan, at the same time as it is moving to buy another Kazakh producer, Nelson Resources, for US$2 billion. Boris Zilbermints, regional director for Lukoil Overseas, told the...

Heating oil prices hit record.(Brief article)
October 6, 2005... The Energy Information Agency (EIA) said Wednesday that retail US heating oil prices hit a record $2.69 per gallon, up a whopping 86.6 cents from last year, with the highest price of $2.93 paid in Washington, D.C. The next highest prices...

Entergy estimates Rita's cost.
October 6, 2005... Utility Entergy on Wednesday said it expects recovery costs from Hurricane Rita to total $400 million to $550 million but has sufficient liquidity to cover those repairs. The company's New Orleans subsidiary previously declared bankruptcy after...