International Petroleum Finance articles from April 2002

International Petroleum Finance archives from April 2002

Time to drill?(Petroleum industry management strategy)(Brief Article)
April 1, 2002... It's a question that upstream executives face constantly: Is it better to buy reserves or drill for them? Both are acceptable ways to replace reserves and grow a company. However, oil and gas companies naturally look to pursue the cheaper...

US energy merchants face long haul back.(utilities financial planning strategies and forecasting data)
April 1, 2002... Enron's collapse has left merchant energy companies and independent power producers in the US bruised and battered, and, although a recent rebound in their equity prices looks like a vote of confidence from investors, their troubles still seem...

Shell greases Pennzoil with $3 billion takeover.(Statistical Data Included)
April 1, 2002... The debate over how Royal Dutch/Shell should employ its large cash pile resurfaced last month after the Anglo-Dutch major agreed to acquire Pennzoil-Quaker State in a deal valued at $2.9 billion in cash and assumed debt. While the deal fills an...

Are US independents chasing barrels or value?(petroleum production and financial data)(Brief Article)
April 1, 2002... After the crude oil price collapse of 1998, US independent producers vowed to focus on value, insisting that enhanced earnings and return on capital employed would take priority over boosting cash flow and oil and gas production. They promised...

Profit warnings, purges reveal woes in rig market.(oil drilling industry financial details)(Brief Article)(Statistical Data Included)
April 1, 2002... How weak has the global market for oil field services become? Weak enough to make several of the top companies in the sector slash their 2002 earnings projections and some to announce serious corporate restructuring efforts last month. The...

Regulators probe Canada's oil patch for insider trading violations.(Alberta Securities Commission )(Brief Article)
April 1, 2002... Regulatory investigations into possible illegal insider trading activity have created a stir in Western Canada's oil patch. The Alberta Securities Commission (ASC) confirmed that it is looking into a number of instances over the past 18...

Dinosaur Exxon still thriving at top of industry.(management profile)
April 1, 2002... A former University of Texas football coach once described his on-field strategy as "dancing with them what brung us," or sticking with the people, policies, and procedures that made the Longhorn program successful. Exxon Mobil Chairman and...

Jumbo debt issue bodes well for China's CNOOC.(China National Offshore Oil Corp)
April 1, 2002... China National Offshore Oil Corp.'s smashing debut into the international debt market could open the doors for other Chinese oil companies to follow suit and achieve similar results. CNOOC launched its debut $500 million 10-year global bond at...

The new power markets.(energy industry restructuring review)(Brief Article)
April 1, 2002... Until recently the international power sector was characterised by vertically integrated monopolistic companies, virtually of which were state owned, that were operating in heavily regulated captive markets. Doing little to encourage...

Argentina hurts Repsol.(Repsol YPF financial data)(Brief Article)(Statistical Data Included)
April 1, 2002... Spain's Repsol YPF revealed the financial impact of Argentina's economic crisis when it announced currency losses and other exceptional items amounting to more than $2.3 billion, which helped dent 2001 net income by nearly 58% to $865 million....

Argentina ready to slap more restraints on oil sector.(Brief Article)
April 1, 2002... Oil companies operating in Argentina are likely to escape the government's next move to clamp down on several export sectors. But the new economic measures may worsen their already difficult operating conditions. The measures that the...

Pickens targets Vintage.(Vintage energy buyout details)(Brief Article)(Statistical Data Included)
April 1, 2002... US independent Vintage could be next in line for a takeover or leveraged buyout by investor T. Boone Pickens, Jr., according to a securities filing Mar. 25. Two investment funds run by Pickens' private Mesa group disclosed they had taken an...

UAE sets bid deadline.(United Arab Emirates; Dolphin project)(Brief Article)(Statistical Data Included)
April 1, 2002... After a slight delay, the UAE Offsets Group (UOG) has fixed a deadline of Apr. 6 for bids to be submitted for a stake of up to 24.5% in the $3.5 billion Dolphin project, which will pump up to 2 Bcf/d of Qatari gas to Abu Dhabi. Five...

Hydro beefs up.(Norsk Hydro)(Brief Article)
April 1, 2002... Oslo sold a further 6.5% of the state's directly owned offshore assets (SDFI), netting $960 million from the sale of 30 licenses. Top buyer Norsk Hydro spent $390 million, mainly on larger stakes in Oseberg and Grane, adding 35,000 boe/d to its...

Statoil eyes Enterprise.(Enterprise Oil)(Brief Article)
April 1, 2002... Norway's Statoil has joined the cast of companies allegedly stalking UK-based independent producer Enterprise Oil, driven by the logic of uniting their North Sea interests and their stakes in the Irish Corrib natural gas field. Another presumed...

Browne gets pay hike.(British Petroleum Chief Executive John Browne)(Brief Article)(Statistical Data Included)
April 1, 2002... BP Chief Executive John Browne earned a 58% increase in salary and other benefits in 2001 to $4.37 million from $2.76 million, according to the supermajor's annual report. Browne's pay includes a salary of $1.728 million, an annual performance...

BP's new accounting.(British Petroleum)(Brief Article)
April 1, 2002... BP will implement a new UK accounting standard related to deferred taxes this year, forcing the company to increase its targets for gearing and dividend payouts. The new rules will be first applied in BP's first-quarter results, due Apr. 30....

On the move.(Valero buying El Paso oil refinery)(Brief Article)
April 1, 2002... Valero, the largest US independent refiner, is in talks to buy El Paso's 140,000 b/d oil refinery in Eagle Point, New Jersey. Privately held US refining firm Premcor is considering buying Phillips' 286,000 b/d refinery in Wood River, Illinois,...

Rally continues for major oils in March. (Equity Markets).(Brief Article)(Statistical Data Included)
April 1, 2002... Shares of top oil and gas companies made strong gains for a second straight month in March on the back of rising commodity prices. The IPF Oil and Gas Index rose by 6% last month, compared to a 3.7% advance for the S&P 500 Index and a 4.5%...

India: troubled times. (Emerging Markets).(Dabhol Power Co.)(Brief Article)
April 1, 2002... These are troubled times for India. Communal violence, higher taxes, and fresh problems for Enron's Dabhol Power Co. (DPC) and the UK's BG could well poison the more-welcoming investment atmosphere expected after the Apr. 1 start of oil sector...