In The News / Week Ending February 21, 2003 - Part 2 of 2
U.S. COMPANIES
Anadarko Petroleum Corporation authorizes the construction of an $86 million production platform for its Tarantula discovery on South Timbalier Block 308 in the Gulf of Mexico.
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Cabot Oil & Gas Corporation announces 2002 net income of $16.1 million, or $.51 per share, and discretionary cash flow of $178.8 million, or $5.63 per share. The compant also announces their reserves report.
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Cabot Oil & Gas Corporation announces the results of its recent drilling activity in the Company's Gulf Coast and Rocky Mountains areas. This activity covers the Texas Gulf Coast, south Louisiana and Colorado.
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Clayton Williams Energy Inc. has filed a Form 8-K with the Securities and Exchange Commission to provide financial guidance disclosures for the year ending Dec. 31, 2003.
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Clayton Williams Energy Inc. announces an operations update by region.
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ConocoPhillips counted proved reserves of 7.8 billion barrels of oil equivalent at the end of 2002, 600 million boe below 2001 pro forma figures.
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Denbury Resources Inc. announces fourth quarter and 2002 financial and operating results.
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Devon Energy Corporation reports volumes and average prices for oil and natural gas commodity price hedges it has in place for 2003.
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Exxon Mobil Corporation announced that its subsidiary, Mobil Producing Nigeria Unlimited (MPN), has started production from the Yoho development, located in the Nigerian National Petroleum Corporation (NNPC)/MPN Joint Venture acreage, Oil Mining Lease (OML) 104, offshore Nigeria.
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Exxon Mobil Corporation announces that its subsidiary, Esso Exploration Angola (Block 15) Limited (Esso), has started construction of another deepwater development offshore West Africa. The $3 billion world-class Kizomba B project in Angola's Block 15 is expected to recover nearly 1 billion barrels of oil at a target production rate of 250,000 barrels per day.
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Halliburton announces fourth quarter 2002 net loss from continuing operations was $129 million or $0.30 per diluted share.
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Kerr-McGee Corp. said it expects crude oil production to amount to 140,400 to 155,400 barrels of oil a day for 2003, according to a Form 8-K filed Wednesday with the Securities and Exchange Commission.
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Occidental Petroleum Corp. said Wednesday it discovered two new fields in Block 15, an oil producing area in Ecuador.
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PetroQuest Energy, Inc. announces that it ended 2002 with proved reserves of 68.7 billion cubic feet equivalent (Bcfe) of natural gas.
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Pioneer Natural Resources Co. said its 2003 capital spending is expected to be $450 million to $550 million.
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Plains Exploration & Production Company reports fourth quarter 2002 net income of $4.7 million, or $0.20 per share compared to net income of $7.6 million, or $0.31 per share for the fourth quarter of 2001.
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St. Mary Land & Exploration Company reported earnings of $27.6 million or $.99 per basic share for the year ended December 31, 2002.
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Stone Energy Corporation reports the results of recently completed independent petroleum consultants' reports of its estimated proved oil and gas reserves.
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Tom Brown, Inc. reports results from operations for the fourth quarter and year ended December 31, 2002.
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Tom Brown, Inc. reports year-end proved reserves of 750.1 billion cubic feet equivalent (Bcfe) comprised of 674.0 billion cubic feet (Bcf) of gas and 12.7 million barrels (Mmbls) of crude oil and natural gas liquids as of December 31, 2002.
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Western Gas Resources, Inc. announces net income of $50.6 million, or $1.23 per share of common stock on a fully diluted basis for the year ended December 31, 2002. This compares to net income of $95.6 million for the year ended December 31, 2001, or $2.48 per share of common stock on a fully diluted basis.
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Western Gas Resources, Inc. provides projections related to its expected operational performance in 2003.
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The Wiser Oil Company reports financial and operating results for the fourth quarter and year ended December 31, 2002.
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WORLD
A consortium led by Italian oil company Agip will market the first Australian North West Shelf cargo of Wollybutt crude oil in mid-April, an Agip trader said on Thursday.
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Lundin Petroleum AB announces third party certified recoverable reserves as of 01.01.2003 of 117 million barrels of oil equivalent proven and probable reserves (of which 38 million barrels of oil equivalent are proven reserves). This represents a 94% increase of last year's proven and probable reserves.
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Norway's biggest energy firm Statoil said on Wednesday that it had failed in a search for oil in the main reservoir of the Lerke prospect in the Norwegian Sea, contradicting earlier reports of a find.
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Oil giant TotalFinaElf threw down the gauntlet on Thursday to U.S. rivals eyeing Iraq's vast reserves, saying it was confident of winning its share of deals there despite French opposition to a U.S.-led war in Iraq.
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TotalFinaElf SA startes commercial oil production from Iran's offshore Balal oilfield at a rate of 20,000 barrels a day.
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MISC
The number of rigs searching for oil and gas in the United States rose by 23 to 928 during the week ending Feb. 21.
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NYMEX crude oil and refined product futures ended sharply higher on Friday as traders, already edgy over a looming war with Iraq, were jolted by news of a gasoline barge explosion at an oil terminal on Staten Island, one of New York City's five boroughs.
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U.S. oilfield service companies stand to strike it big in any post-war reconstruction of an Iraqi oil industry suffering from run down equipment and years of anemic investment.
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Challenges lying ahead for the oil industry. Interview with the Deutsche Bank Oil Analyst JJ Traynor, produced by Cantos. Cantos is a U.K. financial and corporate information service, available free to anyone with access to the Internet ( www.cantos.com ).
What has four arms, multiple heads and lurches from one project to the next without any seeming coordination? China's energy policy, say industry experts and analysts.
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China's top offshore oil producer CNOOC Ltd said on Thursday that oil remains a priority over natural gas as it keeps an eye out for future acquisitions, although gas was making up an increasing share of the business.
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Thierry Desmarest, the chairman of French petroleum company TotalFinaElf SA , said Thursday that he was confident that the sudden loss of Iraqi oil exports in the event of a war wouldn't create havoc on the world's market.
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Western Oil Projects In Russia. Following is a list of existing and planned oil and gas projects in Russia by some of the world's biggest energy firms
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