The Oil Daily articles from September 2003

The Oil Daily archives from September 2003

Reconciling Energy Bill Takes Center Stage.(United States Congress)
September 2, 2003... WASHINGTON -- A broad energy bill that moved in fits and starts much of the year is expected to be put on a fast track in the coming weeks, as Congress is under tremendous pressure to finalize it, following the recent blackout exposing the...

Petrobras Hopes for More Commercial Reserves.
September 2, 2003... WASHINGTON -- For Brazilian energy company Petrobras, a string of new discoveries, especially in the past 12 months, has opened up the possibility of new commercial reserves, while shifting the state giant's heavy oil hydrocarbon profile...

Gas Markets Enter Holiday Weekend Watching the Weather.(Labor Day)
September 2, 2003... WASHINGTON -- Gas markets entered the Labor Day holidays with bearish weather conditions in store for major consuming regions, but other wildcards loom which may ultimately drive trading. Several hurricane threats lurk for gas producers in the...

Futures Higher Ahead of Holiday; Traders Unsure of Gasoline's Strength.(Labor Day)
September 2, 2003... WASHINGTON -- US energy futures, led by strong pre-expiry trading on products, closed higher on Friday, but a late bout of profit taking ahead of the long holiday weekend pushed crude to close near session lows. Traders were uncertain...

Trade Thin in US Spot Market as Arbitrage Narrows; Colombia Releases Loading Schedule.
September 2, 2003... HOUSTON -- A narrowing trans-Atlantic arbitrage has put some US spot crude buyers on the sidelines, as it has become less economical for crude tankers to make the voyage across the Atlantic. "There's still a fair amount of barrels out...

Canadian Gas Storage.(Brief Article)
September 2, 2003... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 11.3 Bcf to 363.9 Bcf for the week ended Aug. 22. Storage caverns are 75.3% full, up from 73% full one week ago, but down from 85.3% full a year ago....

Baker Hughes Rig Count.(Brief Article)
September 2, 2003... US Rig Count Rises 20 The number of rigs searching for oil and gas in the US rose by 20 to 1,102 for the week ended Aug. 29, according to Baker Hughes. A year ago there were 847. The number of rigs searching for oil rose by 5 to 154, and...

Daily Oil & Gas Price Review.(Illustration)
September 2, 2003... Daily Oil & Gas Price Review Prices for Friday, August 29, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Illustration)
September 2, 2003... Stock Market Scorecard Close 1-Day. % Chg. Aug 29 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Occidental 34.33 +0.28 ...

Calpine Creates Gas Trust.(Brief Article)
September 2, 2003... Power company Calpine announced plans to establish a new Canadian trust -- Calpine Natural Gas Trust (CNG Trust). CNG Trust has filed a preliminary prospectus with securities commissions or similar authorities in each of the provinces and...

Mirant Posts Wider Q1 Loss.(Brief Article)
September 2, 2003... Bankrupt energy producer Mirant reported a wider first- quarter net loss on higher fuel costs and restated its results from the year-earlier period due to accounting errors, discontinued operations, and marketing-related accounting changes. ...

Chevron, USC Set Up Tech Center.(University of Southern California)(Center of Interactive Smart Oilfield Technologies)(Brief Article)
September 2, 2003... The University of Southern California (USC) and ChevronTexaco on Friday announced plans to establish a new center to develop advanced technologies to improve oil and gas exploration and production efficiency. Lloyd Armstrong, provost of USC, C....

20 Firms Buy MSC Documents.(multiple service contracts )(Brief Article)
September 2, 2003... Twenty companies have purchased tender documents for Mexico's multiple service contracts (MSC), with which Pemex hopes to add up to 1 Bcf/d of gas production, Pemex said Aug. 28. The company confirmed that bidding deadlines have been pushed...

Camisea Partners Undaunted.(Peru)(Brief Article)
September 2, 2003... Undaunted by the rejection of more than $200 million in financing by the US Export Import Bank on Aug. 28, the partners in Peru's Camisea project said Friday they are committed to moving ahead. "Despite this decision, the Camisea consortium...

Valero Buys Products Terminal.(Brief Article)
September 2, 2003... Valero signed an agreement to purchase Exxon Mobil's refined products terminal in Paulsboro, N.J., for $14 million. Valero also announced that during the second quarter it purchased Shell's 28% interest in a partnership pipeline in the Texas...

Crude Plummets as Funds Shed Long Positions.
September 3, 2003... WASHINGTON -- Crude prices plunged more than $2 per barrel on Tuesday as US oil traders returned from their summer break primed to bale out of long positions built up in a gasoline-led rally last month, prompting some market bears to predict a...

EnCana Has Bullish E&P Plans for Ecuador.
September 3, 2003... HOUSTON -- Canadian producer EnCana is planning an aggressive drilling and production strategy in Ecuador, just a few days after the start-up of the Oleoducto de Crudos Pesados (OCP) pipeline. "In Ecuador, we can now refer to the start-up...

Project Kuwait Hits Snag Over Conoco Role in Exxon Group.
September 3, 2003... LONDON -- Kuwait's accelerated scheme for getting its Project Kuwait off the ground has encountered a new snag, in the form of a controversy over the composition of one of three consortia applying to participate in the plan to develop northern...

12 Companies to Compete for Venezuela's Deltana BlocksPage =.
September 3, 2003... WASHINGTON -- Venezuela's Ministry of Energy and Mines has signed a framework agreement with 12 foreign companies -- including three US majors -- and one local firm opening the door for them to bid for two natural gas blocks in the Deltana...

Refining Deal Puts South Korean Refiner SK at Top of Gainers.
September 3, 2003... WASHINGTON -- South Korean refiner SK Corp. posted the highest share price gain among energy equities last week, notching up a 22.2% increase after agreeing to process 1 million barrels of crude in late September for Japan's Nippon Oil -- an...

Oil Shares Narrowed Gap With Broader Market in August.
September 3, 2003... WASHINGTON -- Investors in oil and gas equities, which have lagged behind the broader market so far in 2003, are hoping that a strong showing in August will continue through the rest of the year and help close the performance gap. The Oil...

Iraqi Governing Council Names Exile al-Uloum as Oil Minister.
September 3, 2003... LONDON -- Iraq's US-appointed Governing Council appointed Monday Ibrahim Bahr al-Uloum, a 49-year-old petroleum engineer who has spent the last 27 years in exile, as the country's first postwar oil minister. The son of Mohammed Bahr...

Fox Sacks Energy Minister; Warns Pemex Condition Is Critical.
September 3, 2003... WASHINGTON -- Mexico's President Vicente Fox replaced his country's energy minister Tuesday, in the first such cabinet reshuffle since he took office in 2000, and just hours after he alerted Congress of state-owned oil company Pemex's critical...

Berry seeks to Expand Beyond Traditional Base in California.
September 3, 2003... HOUSTON -- Berry Petroleum, which closed a $48.6 million purchase of oil and gas assets in Utah last week, says it has to look beyond its traditional role as a producer of heavy California crude oil if it is to deliver production growth and...

Cooling Degree Days Table.(statistics)(Illustration)
September 3, 2003... Cooling Degree Days Week Dev Cum Dev For week of From From From August 30, 2003 Week From Year...

Daily Oil & Gas Price Review.
September 3, 2003... Daily Oil & Gas Price Review Prices for Tuesday, September 2, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.
September 3, 2003... Stock Market Scorecard Close 1-Day. % Chg. Sep 02 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Occidental 35.30 +0.97 ...

Williams Partners Changes Name.(Brief Article)
September 3, 2003... In a move to sever any remaining connections with Williams, Williams Energy Partners (WEP) announced Tuesday that it began doing business under its new name of Magellan Midstream Partners. The name change mirrors that of GulfTerra, formerly...

Edge in Exploration Venture.(Brief Article)
September 3, 2003... Houston-based Edge Petroleum said Tuesday that it entered into a joint venture to explore for oil and natural gas in the Southeastern New Mexico portion of the Permian Basin with two private oil and gas companies, Pure Energy Group and Chisos...

Unocal Seeks Thailand Approval.(Brief Article)
September 3, 2003... Unocal said Tuesday its Unocal Thailand subsidiary is seeking government approval for the second phase of its oil development in Thailand, which would double current gross oil production from the offshore Gulf of Thailand Yala and Plamuk fields...

Holly Counters Frontier.(Brief Article)
September 3, 2003... Dallas-based refiner Holly Corp. on Tuesday countered Frontier Oil's Aug. 20 lawsuit seeking to dissolve their planned merger (OD Aug.21,p1). Frontier sued on the grounds that Holly was no longer willing to live up to the terms of the...

EEOT Collects From Shell Unit.(Brief Article)
September 3, 2003... A Texas court on Aug. 29 ordered Texas-New Mexico Pipe Line, a unit of Shell Pipeline Co., to pay $30 million in damages to EEOT Energy for a 1992 oil pipeline leak that contaminated groundwater in the Kniffen Estates subdivision in Midland,...

ATP Acquires Mississippi Site.(Brief Article)
September 3, 2003... Houston-based ATP Oil & Gas Corp. said Tuesday it acquired Mississippi Canyon 711, an oil and gas discovery previously named "Gomez". ATP acquired 99% of the working interest and is the operator of this oil and gas development with proved...

Statoil Delivers LNG Cargo.(Brief Article)
September 3, 2003... Norway's oil and gas giant Statoil announced Tuesday that it had delivered a spot cargo of liquefied natural gas (LNG) to the Cove Point, Maryland receiving terminal, where it has 250 MMcf/d regasification capacity. Statoil purchased the...

Speculators Lift Net Longs.(Brief Article)
September 3, 2003... New York Mercantile Exchange oil speculators built up their net long futures positions in the week ending Aug. 26 in a bet prices would rise, the Commodity Futures Trading Commission (CFTC) said Aug. 29. The CFTC's weekly Commitments of...

Pump Prices Hit Record High.(Brief Article)
September 3, 2003... The US average retail price for regular gasoline rose last week for the seventh time in eight weeks, increasing by 12cents/gallon as of Aug. 25 to reach $1.75/gallon, which is 34.4cents/gallon higher than a year ago. This was the largest weekly...

OSHA Warns on Refineries.(OSHA and the EPA issue a bulletin alerting workers about the hazards associated with the operations of Delayed Coker Units)(Brief Article)
September 3, 2003... The Occupational Safety and Health Administration (OSHA) and the Environmental Protection Agency have issued a bulletin alerting workers about the hazards associated with the operations of Delayed Coker Units (DCU) at oil refineries. "It...

Overhaul for Exxon Plant.(an overhaul starts at Exxon Mobil's Baytown, Texas, refinery and chemical plant complex)(Brief Article)
September 3, 2003... A planned eight-week overhaul has begun at Exxon Mobil's Baytown, Texas, refinery and chemical plant complex, a refinery spokeswoman said on Monday. Most of the work in the maintenance turnaround will be done on the complex's olefins...

Petro-Canada Unit Victim of Clean Air Rules.(Petro-Canada is shutting down its Oakville, Ontario, refinery)
September 4, 2003... HOUSTON -- New clean air rules have claimed a Canadian refinery, with Petro-Canada announcing Wednesday that it makes more financial sense for the company to shut down its Oakville, Ontario, refinery rather than refit the 80,000 barrel per day...

BP Rivals Eye Upstream Options in Russia.(BP spends $6.75 billion to create the world's 10th largest oil producer with Tymen Oil)
September 4, 2003... WASHINGTON -- With BP closing the largest transaction in Russian corporate history last week, other leading integrated oil companies are now mulling their investment strategies for the country's dicey but potentially lucrative upstream oil...

Negotiators to Tackle Energy Legislation.(Congress beginss considering a broad energy bill)
September 4, 2003... WASHINGTON -- Congress is set to kick off negotiations on a broad energy bill today, but problems loom ahead as simmering differences over majors issues such as electricity industry reforms and drilling in the Arctic National Wildlife Refuge...

Futures Market is Consolidating and Showing Signs of Softness.(Brief Article)
September 4, 2003... NEW YORK -- Consolidating after the big Tuesday sell-off and awaiting guidance for new direction from weekly inventory data that will be published today, US crude oil futures traded sideways on Wednesday, preventing a further price decline...

Projects Worldwide Put Talisman On Track to Meet Output Targets.(Talisman Energy will be starting up new projects over the next few months)
September 4, 2003... HOUSTON -- The start-up of several new projects over the next few months has put Talisman Energy on track to hit its production growth target of 5%-10% in 2004 and 2005. The Calgary-based company, which earlier this year closed the sale of...

Under Fire, Anadarko CEO Allison Accentuates the Positive.(Anadarko Chairman and Chief Executive Bob Allison discusses the company's operations)
September 4, 2003... HOUSTON -- Anadarko Chairman and Chief Executive Bob Allison vigorously accentuated the positive in a presentation to investors on Wednesday, seeking to counter what he described as "unjustifiable negativity" spread by the company's detractors....

Iraq Aims to Ship 800,000 b/d From Mina al-Bakr This Month.(Illustration)
September 4, 2003... NEW YORK -- The pace of Iraqi exports from the Mideast Gulf terminal of Mina al-Bakr for the full month of August averaged about 580,000 barrels per day, for a total of 18 million barrels in nine cargoes, according to reports compiled by Oil...

Integrated Majors Take Back Seat to Service Firms in Iraq.(integrated oil companies may have to wait longer than expected to get a piece of the action in Iraq)
September 4, 2003... NEW YORK -- Integrated oil companies may have to wait longer than expected to get a piece of the action in Iraq, Halliburton Chief Executive David Lesar told an investors conference Wednesday. In the meantime, Iraq presents "enormous...

As US Seeks UN Aid, Iraqi Exile Recounts Time in CPA's Employ.(Isam al-Khafaji criticizes how the U.S. is handling post-war reconstruction)
September 4, 2003... WASHINGTON -- A Iraqi exile who quit his job as an adviser to the Coalition Provisional Authority (CPA) in July just three months after being appointed to the position on Wednesday offered some pointed criticism of how the US is handling...

New Mexican Energy Minister Raises Hopes; Faces Challenges.(Mexico's new energy minister, Felipe Calderon Hinojosa, takes over)
September 4, 2003... NEW YORK -- Hard times and great expectations await Felipe Calderon Hinojosa, Mexico's new energy minister. Energy industry participants agree he has the political acumen his predecessor lacked, but it will be an uphill battle to square...

Companies Mulling Venezuelan Bid to Change Contract Terms.(Venezuela continues to negotiate with foriegn companies)
September 4, 2003... ABERDEEN -- Venezuela's negotiations with foreign companies to convince them to voluntarily switch current service contracts to join ventures with state-owned Petroleos de Venezuela (PDV) are advancing, with some already amenable to the idea,...

Thermal Power Producers Want Details of Brazil Energy Plan.(Petrobras may invest in thermal power)
September 4, 2003... RIO DE JANEIRO -- State-run Petrobras is inching closer to investing in thermal power, but a decision to study a power plant in Manaus does not represent a change in the company's plan to invest only in generation projects with strategic...

Daily Oil & Gas Price Review.(Illustration)
September 4, 2003... Daily Oil & Gas Price Review Prices for Wednesday, September 3, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg....

Stock Market Scorecard.(petroleum industry stock prices)(Illustration)
September 4, 2003... Stock Market Scorecard Close 1-Day. % Chg. Sep 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors BP 42.88 +0.58 ...

Valero Projects Q3 Profit.(Valero Energy expects to report earnings for the third quarter in the range of $1.25/share)(Brief Article)
September 4, 2003... Valero Energy said Wednesday, based on the current outlook for the remainder of September, the company expects to report earnings for the third quarter in the range of $1.25/share. Refined product margins thus far have increased...

Westport, Chevron Team Up.(Westport Resources signs a multi-prospect Gulf of Mexico exploration)(Brief Article)
September 4, 2003... Denver, Colorado-based Westport Resources said Wednesday it has entered into a multi-prospect Gulf of Mexico exploration participation agreement with Chevron USA, a wholly owned subsidiary of ChevronTexaco. ChevronTexaco and Westport have...

Ivanhoe Operates in China.(Ivanhoe Energy initiates operations on two projects in China)(Brief Article)
September 4, 2003... Ivanhoe Energy, through its wholly owned subsidiary, Sunwing Energy, has initiated operations on its two major projects in China. At the Dagang field, Sunwing has begun activities for a 50 million bbl oil development following extensive...

Ultra Reports Drilling Success.(Ultra Petroleum announces operational success in Wyoming and China)(Brief Article)
September 4, 2003... Houston-based Ultra Petroleum announced Wednesday operational success in Wyoming and China and updated its hedging program. In Pinedale Anticline, Wyoming, Ultra has participated in a total of 44 new wells. Of these, 7 wells are fully...

IDB to Vote Camisea Sep. 10.(the InterAmerican Development Bank will consider loans to the Camisea natural gas project)(Brief Article)
September 4, 2003... The InterAmerican Development Bank (IDB) will consider loans to the Camisea natural gas project at its board meeting Sep. 10, IDB spokesman Daniel Drosdoff said Wednesday. The IDB was originally slated to consider the loan in July, but delayed...

Enbridge Buys Pipeline Stake.(Enbridge acquires a 90% interest in the Cushing to Chicago Pipeline System from BP Pipelines North America for $122 million)(Brief Article)
September 4, 2003... Enbridge said Wednesday it purchased a 90% interest in the Cushing to Chicago Pipeline System (CCPS) from BP Pipelines North America for $122 million. Enbridge intends to reverse the flow of the 650 mile pipeline by 2004, at a cost of $20...

MarkWest Acquires Pipeline.(MarkWest Energy Partners acquires a 68-mile-long intrastate gas transmission pipeline near Lubbock, Texas)(Brief Article)
September 4, 2003... Colorado-based MarkWest Energy Partners, said Wednesday that it acquired a 68-mile-long intrastate gas transmission pipeline near Lubbock, Texas, from Power-Tex Joint Venture, a subsidiary of ConocoPhillips, for approximately $12 million. ...

Goodrich Buys Plumb Bob Field.(Goodrich Petroleum acquires rights from a private company covering the Plumb Bob Field in St. Martin Parish)(Brief Article)
September 4, 2003... Goodrich Petroleum said Wednesday that it has acquired certain rights from a private company covering the Plumb Bob Field in St. Martin Parish of southern Louisiana and plans to shoot an approximate 35 square mile 3-D seismic survey over the...

ChevronTexaco Sells Refinery.(Brief Article)
September 4, 2003... ChevronTexaco Wednesday announced the sale of its interest in the El Paso, Texas, refinery and certain associated assets to Western Refining, was completed Aug. 29. Western Refining took ownership of the 90,000 b/d refinery complex Aug....

World Bank Sees $18/bbl Oil.(world oil prices should fall to around $18/barrel)(Brief Article)
September 4, 2003... World oil prices should fall to around $18/bbl from stubbornly high levels as output resumes in Iraq and new capacity is built outside of Opec, the World Bank said on Wednesday. "Oil prices are expected to fall to the lower end of Opec's...

DOE to Investigate Gas Prices.(the Department of Energy is investigating the sharp jump in gasoline prices)(Brief Article)
September 4, 2003... Secretary of Energy Spencer Abraham said on Wednesday that the Department of Energy is investigating the sharp jump in gasoline prices that occurred in the days leading up the Labor Day holiday. Testifying before the House Energy and...

Conoco, COSL Well Service Deal.(China Oilfield Services signs a well services agreement with ConocoPhillips' China subsidiary)(Brief Article)
September 4, 2003... China Oilfield Services (COSL) said on Wednesday that it has signed a well services agreement with ConocoPhillips' China subsidiary. Under the three-year deal, COSL will build a well workover rig for the Peng Lai 19-3 block and will lease...

Jacobs Gets Suncor Contract.(Jacobs Engineering Group's Canadian subsidiary is authorized by Suncor Energy)(Brief Article)
September 4, 2003... Jacobs Engineering Group said Wednesday that its Canadian subsidiary has been authorized by Suncor Energy to begin front-end engineering work on Stage 3 of Suncor's Firebag In- situ Oil Sands Project in northern Alberta. Jacobs currently...

GulfTerra Signs Pipeline Deal.(GulfTerra Energy Partners signs a deal to move crude oil from the Front Runner field)(Brief Article)
September 4, 2003... Houston-based GulfTerra Energy Partners, 36% owner and operator of Poseidon Oil Pipeline, said Wednesday that Poseidon has signed an agreement for the movement of crude oil from the Front Runner field, located in 3,500 feet of water in Green...

Exxon Refinery Fire Tamed.(Exxon Mobil's oil refinery in Baton Rouge, Louisiana, resumes normal operations after a fire)(Brief Article)
September 4, 2003... Operations were normal at the Exxon Mobil oil refinery in Baton Rouge, Louisiana, after a Tuesday evening fire in some pipes carrying chemicals at the plant, a company spokesman said on Wednesday. "It has not impacted operations," at the...

Senators Prod Bush on Gasoline Prices.
September 5, 2003... WASHINGTON -- Voicing concern that the recent spike in gasoline prices could stunt US economic growth, Senate Democrats on Thursday urged President Bush to ask Saudi Arabia to raise oil exports to US or consider releasing 15 million barrels...

Murphy's Malaysia Finds Pose Challenges.
September 5, 2003... WASHINGTON -- Two large discoveries in Malaysia's deepwater suggest that Murphy Oil is sitting on a prolific new oil basin, but questions are surfacing about whether the tiny integrated oil company has enough financial muscle to develop this...

Enbridge Considers Ways to Move Oil Sands Production Out of Canada.
September 5, 2003... HOUSTON -- Enbridge's decision in July to reverse the flow of a long-distance pipeline that has historically moved oil production from Cushing, Oklahoma, to Chicago is likely the first of many innovative projects the Calgary-based pipeline...

Crude Stockbuild Pushes Oil Futures Lower; Products Inventories Rise.
September 5, 2003... HOUSTON -- Crude futures in New York and London closed lower Thursday following the release of US government data that showed a strong crude stockbuild last week. On the New York Mercantile Exchange (Nymex), the light, sweet contract ended...

Peru Names New State Oil Chief -- Again.(Alejandro Narvaez appointed president of Petroleos de Peru)
September 5, 2003... WASHINGTON -- The government of Peru named Thursday a new president of state-owned oil company Petroleos de Peru (Petroperu) following the resignation of Carlos Bueno Galdo who was accused of illegal activities at his previous post in the...

Kerr-McGee Eyes Deepwater Around the Globe.
September 5, 2003... HOUSTON -- Kerr-McGee, which has drawn attention as a result of its expanding deepwater operations in the Gulf of Mexico, is also eyeing opportunities much farther away from its base in Oklahoma City. "About 20 percent of what our company...

Exxon, Pertamina Make Progress in Cepu Development Spat.
September 5, 2003... SINGAPORE -- Indonesia's state-owned Pertamina and supermajor Exxon Mobil are inching closer to an agreement that would see the two companies jointly develop the rich but contentious Cepu oil block on the island of Java, presently owned by...

EIA Gas Storage Report.(Energy Information Administration)(Brief Article)
September 5, 2003... Gas in Storage Rises 70 Bcf Stocks of working natural gas in US storage facilities rose 70 Bcf for the week ended Aug. 29, leaving storage levels of 2,389 Bcf, according to the Energy Information Administration (EIA). The injection...

EIA Weekly Statistics.(Energy Information Administration)(Illustration)
September 5, 2003... Department of Energy Weekly Statistics For Week Ended August 29, 2003 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current Previous ...

Daily Oil & Gas Price Review.(Illustration)
September 5, 2003... Daily Oil & Gas Price Review Prices for Thursday, September 4, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg....

Stock Market Scorecard.(various energy companies)(Illustration)
September 5, 2003... Stock Market Scorecard Close 1-Day. % Chg. Sep 04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 9.42 +0.30 ...

Marathon Trims the Fat.(corporate reorganization)(Brief Article)
September 5, 2003... Marathon said Thursday that it would eliminate 265 US positions and undertake a reorganization of its corporate operations, the result of a recently completed business transformations study of the company. The key actions Marathon intends...

Oceaneering to Form LLC.(Brief Article)
September 5, 2003... Oceaneering International has signed an agreement to participate in the formation of a limited liability company (LLC), which will own a 75% interest in the deepwater production spar on the Medusa field in the Gulf of Mexico. The LLC will earn...

Williams to Sell Assets.(Brief Article)
September 5, 2003... Williams plans an additional $1 billion in asset sales this year on top of asset sales of $2.4 billion as of Jun. 30. The Tulsa, Oklahoma-based company has feverishly tried to offload assets and whittle debt since the merchant sector...

St. Mary to Post $6M Charge.(St. Mary Land & Exploration)(Brief Article)
September 5, 2003... St. Mary Land & Exploration said Thursday it will post a third-quarter charge after a natural gas well in Utah failed to produce at commercial rates. The company is posting a charge of $6 million for abandoning the prospect at the Ute...

EPL Hits Production High.(Energy Partners Ltd.)(Brief Article)
September 5, 2003... Energy Partners, Ltd. (EPL) announced that its net production reached a record high exceeding 25,000 boe/d on Aug. 27, and averaged in excess of 23,700 boe/d for the week ended Aug. 27, also a record high for the company. Richard Bachmann,...

Magnum Hunter Makes Gulf Find.(Brief Article)
September 5, 2003... Magnum Hunter Resources announced today that it has participated in a new field discovery in the Gulf of Mexico at West Cameron 472. The West Cameron 472 #1 well was drilled to a depth of 6,554 feet and encountered two gas productive sands....